Mamma Mia!

At least that’s what investors in metasearch engine should be saying after today’s 150% gain.

The site that bills itself as “the mother of all search engines” moved into profitability with a 9-cent profit on sales that were up 127%.

The stock gapped up this morning on the news and kept running. MAMA usually trades about 150,000 shares a day; today 65 million shares changed hands, or 10 times the number of outstanding shares. It was the second most active stock on the Nasdaq, right behind Microsoft and just ahead of Cisco .

It’s just like 1999 all over again.

The market fell Tuesday on comments from Fed Chairman Alan Greenspan that interest rates will have to go up “at some point.”

The Nasdaq lost 18 to 2039, the S&P 500 fell 6 to 1149, and the Dow dropped 86 to 10,591. Volume rose to 1.48 billion shares on the NYSE, and 1.88 billion on the Nasdaq. Decliners led 18-14 on the NYSE, and 19-12 on the Nasdaq. Downside volume was 63% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 368-5 on the NYSE, and 211-10 on the Nasdaq.

After the close, Seagate and Xilinx warned.

During the day, Spectralink soared 27% on a deal with Nortel .

Brocade gained 4% on rumors that Cisco may be interested in acquiring the storage switch company.

Macrovision and CNT lost 10% each on disappointing guidance.

Applied Micro edged higher on another storage acquisition.

And Oracle denied reports that it had asked Microsoft for help with its Justice Department case.

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