Net Stocks Gain Afternoon Steam

After a slow start this morning, Internet shares surged at the end of
trading.

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.

Net2Phone (NTOP)
had jumped 17 to 70-1/8. Long distance company Sprint Wednesday
announced it would use Net2Phone’s technology to offer voice-over-IP calls to Asia.

Also, Hambrecht & Quist’s Daniel Rimer Wednesday initiated coverage of
Net2Phone with a “buy” rating.

Nordstrom (JWN) fell 1/2 to 31. The company signed an agreement with the venture capital firm Benchmark Capital to build Nordstrom.com.

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
unspecified stake.

Efficient Networks (EFNT)
soared 16-5/8 to 54-5/8. The company signed a deal with XinJiang PTA to install an ADSL network in western China.

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
Corp.
(INKT)
climbed 9-3/4 to 120, Versign
Inc.
(VRSN)
up 5-9/16 to 106-1/4 and Yahoo!
Inc.
(YHOO)
added 5-5/8 to 158-9/16.

PSINet Inc. (PSIX)
climbed 1-7/8 to 51-3/8 on the heels of Monday’s acquisition of
Transaction Network Services Inc.

Finally, online broker Web Street
filed for its IPO today. Fahnestock & Co. Inc. is the lead underwriter.


Introducing Internet StockTracker, the new weekly e-mail newsletter from
internet.com Corp. Every Friday internet.com will deliver to your e-mail
in-box the latest performance data on individual Internet companies and
their competitors. Internet StockTracker will deliver to you all the
statistics you need to assess the week’s activity.
Subscribe today and receive the Charter Rate of $157 — a savings of
$70 off the regular subscription price!
e-newsletters

News Around the Web