Internet stocks were again putting together a strong session midday Wednesday even though disappointing earnings were taking a toll on several sector plays.
At 12:30 p.m. Eastern, internet.com’s Internet Stock Report had jumped 22.44, or 3.03 percent, to 762.40, the Nasdaq Composite was up 42.02 to 3,835.59 and the Dow Jones industrial average had lost 13.34 to 10,754.08.
Money continued to flow into sector leaders, sending a number of companies higher. Advancers included Ariba Inc. (ARBA), up 6-1/2 to 71-1/4, Broadvision Inc. (BVSN) was up 4-1/4 to 42-1/2, Exodus Communications (EXDS) up 9-5/16 to 120-5/16, GoTo.com Inc. (GOTO) had climbed 4-13/16 to 39-3/4, Inktomi Corp. (INKT) was up 20-3/4 to 136-3/4, i2 Technologies (ITWO) had risen 15-3/8 to 112-1/2 and Net2Phone Inc. (NTOP) was up 4-5/8 to 48-7/8.
Foundry Networks Inc. (FDRY) had jumped 6 to 87-7/8. The networking equipment maker is teaming up with Compaq Computer Corp. to combine its Internet traffic management systems with Compaq’s caching appliance.
Lifeminders.com Inc. (LFMN) had gained 2-7/8 to 40-3/4. The online marketer’s first-quarter revenue jumped 37 percent.
The sector’s biggest loser was InsWeb Corp. (INSW), which had plunged 3-9/32 to 2-21/32. The online insurance broker said State Farm Insurance, one of its largest customers, would no longer participate in its online marketplace. InsWeb said that decision would lead to lower revenues. The company is also cutting 10 percent of its work force.
RealNetworks Inc. (RNWK) was down 13/16 to 40-1/2 after hitting 37 earlier in the session. The streaming media giant reported a first-quarter profit of 5 cents a share, beating estimates by a penny.
Covad Communications (COVD) was down 1-9/16 to 33-1/8. The DSL provider reported a quarterly loss of 73 cents a share, 8 cents better than expected.
Open Market Inc. (OMKT) had plunged 4 to 10-7/8. The e-commerce software maker reported a first-quarter loss of 11 cents, 4 cents higher than expected.
PurchasePro.com (PPRO) was up 1/4 to 36-9/16. The company reported a net loss of 28 cents a share in its latest quarter, a penny better than forecasts.
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