The Nasdaq recovered slightly from an early morning sell-off and Internet
issues were trading higher at mid-day.
A number of Internet Capital Group
and CMGI partner companies, including Universal Access and Navisite, were
helping the sector bounce back.
By 12:15 Eastern, internet.com’s Internet Stock Index was up 6.27, or 0.74
percent, to 857.49, the Nasdaq composite had slipped 10.89 to 4138.00, and
the Dow Jones industrial average was 83.45 lower to 11081.39
eBay (EBAY)
was off 9-5/64 to 157-59/64, Internet Capital Group (ICGE)
had gained 3-11/16 to 71-9/16, CMGI (CMGI)
was slipping 5/16 lower to 88-11/16, and Yahoo! (YHOO)
continued its fall, off 5-3/8 to 162. The leading independent Web
destination will report earnings today after the market closes.
Shares of Universal Access (UAXS)
had jumped 8-3/4 to 32. The company went public only three weeks ago and
recently traded at a high of $63 per share.
Navisite (NAVI)
was up 12-5/8 to 97-1/2. Investors were cheering the company’s decision to
suspend plans for a secondary public offering due to market conditions.
Navisite announced it will instead pursue financing both from strategic
investors, including CMGI, and through commercial lines of credit.
America Online (AOL)
was inching up 11/16 to 63-9/16. Deutsche Banc Alex. Brown analyst, Andrea
Williams upgraded the online media giant from a “buy” to “strong buy.” AOL
also launched its new Netscape 6 browser.
Shares of Net2Phone (NTOP)
were up 7/16 to 48-15/16.
The company’s voice software is integrated into the Netscape 6 browser and
Netscape’s Netcenter portal. The portal placement of Net2Phone’s services
will allow Netscape users to call anywhere in the United States for one cent
per minute with international rates starting at about four cents per minute.
I2 Technologies (ITWO)
had gained 9-13/16 to 104-1/4. DLJ upgraded shares from a “market perform”
to “buy” rating.
Kana Communications (KANA)
was upgraded from a “buy” to “strong buy” at Wit SoundView. In addition,
Kana announced it has signed up Staples.com for its Kana Response Solution.
The service helps Web companies manage customer email and Web-based
communications. Shares of KANA were up 3-1/16 to 52-3/4.
WhatsHotNow.com announced it will use the Ariba (ARBA)
B2B Commerce Platform to build a marketplace for the $200 billion licensing
industry. The revenues derived from transactions at the marketplace will be
shared between the two companies. Shares of ARBA were trading 3-15/16 higher
at 102-9/16.
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