After a slow start this morning, Internet shares surged at the end of
internet.com’s Internet Stock Index climbed 17.06, or 3.44 percent, to
512.63, the Nasdaq Composite gained 52.70 to 2,805.07 while the Dow Jones industrial average tumbled 41.16 to 11,324.46.
Also, Hambrecht & Quist’s Daniel Rimer Wednesday initiated coverage of
Net2Phone with a “buy” rating.
Shares of E-Loan (EELN) jumped another
11-1/8 to 40-7/8 following a 27 percent run-up on Tuesday. On Tuesday, Bank
of America sold its CarFinance.com unit to E-Loan in return for an
It was turning out to be a good day for sector leaders as the vast majority
were in the black. Gainers included Amazon.com Inc. (AMZN)
up 12-13/16 to 132-7/8, eBay Inc. (EBAY)
added 10-1/8 to 129, Inktomi
climbed 9-3/4 to 120, Versign
up 5-9/16 to 106-1/4 and Yahoo!
added 5-5/8 to 158-9/16.
Finally, online broker Web Street
filed for its IPO today. Fahnestock & Co. Inc. is the lead underwriter.
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