The ISDEX finds a half bull-half bear trading session as half the 50 stocks end up on the plus side while the others end down. The Dow and NASDAQ find small gains. Explosions in individual stocks in ISDEX are rare, but a few stocks lead the charge. Today’s snapshot:
Verio (NASDAQ:VRIO) inks a deal with AOL (NYSE:AOL) for business hosting. Verio agrees to pay AOL more than $40 million to jumpstart the arrangement for a piece of the action down the road, via revenue sharing. AOL has its PrimeHost service, but Verio is in the business with more focus. This is one reason we suspect why the deal was done. It also speaks to AOL’s potential plans for CompuServe and more importantly, Netscape, one of the few business Web sites with critical mass.
CMGI (NASDAQ:CMGI) agrees to acquire instant messaging company Activerse, an Internet-technology based platform. The buy will be folded into CMGI’s Internet Group. Terms undisclosed.
E*TRADE (NASDAQ:EGRP) launches its first mutual fund product, based on the S&P. The branching out into funds is a logical step for E*TRADE as it seeks to offer an array of services.