ISDEX Slumps; IPO Market Remains Hot

Internet stocks ended Thursday mixed although the IPO train continued to roll forward with another successful debut and blue chips managed to set a new record.’s Internet Stock Index lost 16.89, or 2.84 percent, to 578.52, the Nasdaq Composite lost 24.46 to 2,582.08 and the Dow Jones industrial average gained 106.82 to a record 11,107.19.

The day’s big winner was Copper Mountain Networks Inc. (CMTN) which soared 47-7/16, or more than 200 percent, to 68-7/16 on its first day. The company, which manufactures Digital Subscriber Line equipment sold 4 million shares at $21 each on Wednesday.

Tut Systems Inc. (TUTS), another manufacturer of DSL products, rocketed 12-15/16 to 52-15/16 after Steven Levy at Lehman Brothers raised his rating on the company to “neutral” from “buy.”

Mpath Interactive Inc. (MPTH) added 5-5/8 to 34-3/4. Yahoo! Inc. said it will use Mpath’s live-audio capabilities in its new instant messaging product.

Lycos Inc. (LCOS) closed up 11/16 to 107-11/16 after being as high as 115-1/8 earlier in the session. The Associated Press reported Thursday Lycos will announce a venture with a software company early next week that will allow it to go up against online giant America Online Inc.

eBay Inc. (EBAY) shed 6-1/4 to 192-1/2. The company Thursday teamed with SkyTel Communications to launch a service that will allow eBay users to receive auction updates via pagers. Later this year, the offering will be expanded to allow users to place bids through pagers as well.

CMGI Inc. (CMGI) lost 1-11/16 to 238-1/16. Computer maker Gateway Inc. Thursday announced it was taking a $200 million stake in CMGI. The two companies will also work together to expand electronic commerce opportunities.

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