The buzz around MP3 audio continued Monday as a variety of deals in that arena was helping to drive Internet stocks higher.
Just before noon, internet.com’s Internet Stock Index had vaulted 13.65, or 3.03 percent, to 464.55, the Nasdaq Composite had climbed 22.29 to 2,660.10 and the Dow Jones industrial average was up 16.15 to 10,989.80.
In return, AOL will receive an unspecified number of warrants in EMusic and will receive a share of the transaction revenue.
The sector’s leaders were generally quiet, with America Online Inc. (AOL) up 5/16 to 97-3/16, Amazon.com Inc. (AMZN) up 2-1/2 to 99-15/16, eBay Inc. (EBAY) jumping 8-5/16 to 106-5/16 and Yahoo! Inc. (YHOO) had climbed 1-3/16 to 134.
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