Net Stocks Jump on Flurry of News

Internet stocks were back in positive territory in midday trading Wednesday as the technology broke apart from blue chips which were being dragged down by larger than expected jumps in October food and energy prices.

Just before noon Eastern,’s Internet Stock Index was up 13.73, or 2.25 percent, to 624.25, the Nasdaq Composite had jumped 46.80 to 3,171.84 and the Dow Jones industrial average was off 9.48 to 10,607.84.

Movers included Inc. (AMZN), up 2-3/8 to 73-3/16 and Nextcard (NXCD) had rocketed 19-13/16 to 51-7/16.

Amazon Wednesday took a 4.4 million share stake in the Internet credit card issuer and announced a $150 million electronic commerce alliance with Nextcard.

Sun Microsystems Inc. (SUNW) had climbed 1-5/16 to 113-5/8 and Sony Corp. (SNE) had jumped 5-7/16 to 175-7/16. The two companies Wednesday unveiled plans to collaborate on Internet devices for consumers.

eBay Inc. (EBAY) was up 1-1/4 to 136-1/8. The online auctioneer rolled out local editions in 20 metropolitan areas. The local content will allow members to easily to find others living near them with items for sell.

Cisco Systems Inc. (CSCO) had jumped 4-7/8 to 79-1/8. The networking giant reported fiscal first-quarter earnings of 24 cents, a penny ahead of expectations.

Copper Mountain Networks Inc. (CMTN) had climbed 4-7/8 to 84-1/4. The high-speed equipment maker Wednesday announced a 2-for-1 stock split that will take effect Dec. 9.

LookSmart Ltd. (LOOK) had roared up 8-5/16 to 35-1/16. The online directory Wednesday announced a joint venture with British Telecommunications PLC (BTY).

Real Networks Inc. (RNWK) was up 9-1/8 to 136-1/8. The streaming media company is reportedly in talks to buy, a search engine company.

In IPO news, Next Level Communications Inc. (NXTV) had rocketed 34-5/8 to 54-5/8. The broadband communications equipment maker sold 8.5 million shares at $20 Tuesday. The IPO price was upped from its original range of $10 to $12.

Later today, (EXPE) is set to debut. The online travel booking service of Microsoft Corp. (MSFT) sold 5.2 million shares at $14 each. The issue is scheduled to start trading before 1 p.m. Eastern. Goldman Sachs and Morgan Stanley are lead underwriters.

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