Internet stocks were trading mostly higher at midday Monday as investors were embracing a deal between an Internet software firm and pouring money into sector leaders.
At noon Eastern, internet.com’s Internet Stock Index was up 12.45, or 1.15 percent, to 1,092.75, the Nasdaq Composite had climbed 31.85 to 4,994.88 and the Dow Jones industrial average was off 45.92 to 11,066.80.
Much of the Dow’s loss was due to selling in Microsoft Corp. (MSFT), which was down 4-3/16 to 107-1/2. Investors were showing concern that a settlement of the antitrust case filed by the Justice Department and 19 states no longer appears imminent. The judge in the case is expected to release his final ruling later this week.
Climbers included Spyglass Inc. (SPYG), soaring 17-1/8 to 87. The maker of software for set-top boxes was purchased by OpenTV Corp. (OPTV) for $2.5 billion in stock.
Rare Medium Group Inc. (RRRR) had gained 8-1/2 to 58-1/2. Coverage of the venture capital and Internet software firm was initiated by Deutsche Bank Alex. Brown, which rates it a “buy,” and CS First Boston, which issued a “strong buy.”
Qwest Communications (Q) had gained 2-3/4 to 49-1/4. The company Monday sealed a B2B Web hosting alliance with IBM Corp. (IBM) that’s expected to net $5 billion in revenue.
Hoover’s Inc. (HOOV) had gained 1-5/8 to 12-3/4. The online publisher of corporate information signed a deal with Microsoft to feature its content on MSN’s MoneyCentral IPO Center.
Excite@Home (ATHM) had gained 1-3/4 to 32-7/16 despite Prudential Securities cutting its price target to $80. The firm maintained its “buy” rating.
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