Internet stocks remained in positive territory during afternoon trading.
Infospace continued falling despite positive analyst comments and
news of a new wireless mutual fund. Meanwhile, at a White House conference
on the “New Economy,” Federal Reserve Chairman Alan Greenspan warned that
sharp increases in equity prices were an inflationary risk but assured
investors that the Fed was not out to directly target or impact the equity
markets with potential interest rate hikes in the near future.
internet.com’s Internet Stock Index was up 6.32, or 0.74 percent, to 857.54,
the Nasdaq composite rose 20.65 to 4169.54, and the Dow Jones industrial
average fell 130.92 to 11033.92.
Shares of Infospace (INSP)
slipped 2-27/64 to 105-1/8. Merrill Lynch reiterated its “near-term buy” and
“long-term buy” rating on the stock. In addition, Value Trend Capital
Management and Berkshire Capital Holdings announced the launch of Wireless
Fund, a no-load, open-end mutual fund focused on the wireless industry.
Infospace was announced as one of the fund’s top 10 holdings.
Yahoo! (YHOO)
slipped 1-13/16 to 165-9/16. The company will report its first quarter
earnings today at 5p.m.
Network Solutions (NSOL)
rocketed 13-5/8 higher to 140-15/16, eBay
(EBAY)
was off 1-1/16 to 165-15/16, Internet Capital Group (ICGE)
rose 5-53/64 to 73-45/64, and CMGI (CMGI)
finished 3-5/8 lower at 85-3/8.
Shares of Universal Access (UAXS)
jumped 9-11/16 to 32-15/16. The company went public only three weeks ago and
recently traded at a high of $63 per share.
Navisite (NAVI)
rose 13-1/8 to 98. Investors cheered 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)
added 1 to 63-7/8. 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)
fell 1-1/2 to 47.
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)
gained 10-9/16 to 105. DLJ upgraded shares from a “market perform” to “buy”
rating.
Kana Communications (KANA)
was upgraded from a “buy” to “strong bu
y” 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 finished 4-1/16 higher at 53-3/4.
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 rose 3-7/16 to 102-1/16.
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