Mixed earnings and acquisitions were the order of the day for Internet stocks at midday Thursday as the sector continued to tread water.
At noon Eastern, internet.com’s Internet Stock Index was up 0.46, or 0.05 percent, to 872.93, the Nasdaq Composite had gained 27.80 to 4,179.09 and the Dow Jones industrial average had lost 124.80 to 11,364.56.
On the positive side Engage Technologies Inc. (ENGA) had soared 18-5/16 to 95-5/16. The Internet ad firm controlled by CMGI Inc. (CMGI) Thursday bought two CMGI ad properties for $2.46 billion.
Extreme Networks (EXTR) was up 11-15/16 to 90-1/16. The networking equipment maker reported fiscal second-quarter earnings of 11 cents, 2 cents higher than forecasts.
America Online Inc. (AOL) was off 11/16 to 64-3/16. The company reported operating earnings of 8 cents a share, a penny higher than expected. The firm also added 1.8 million subscribers.
Analysts came out with mixed actions following the results. Robertson Stephens and Warburg Dillon Read reiterated their “strong buy” while Dain Rauscher cut the firm to “buy” from “strong buy.” Also, Merrill Lynch said Thursday it still sees the AOL, Time Warner (TWX) merger as a “strategic positive.”
BackWeb Technologies Ltd. (BWEB) was up 1-9/16 to 41-13/16. Streaming media giant Real Networks Inc. (RNWK) Thursday invested $15 million in the firm. It also announced plans to use BackWeb software to deliver music to its users.
InfoSpace.com Inc. (INSP) was up 4-13/16 to 134-3/4 after signing a deal with GTE Wireless to provide wireless Internet access to GTE mobile subscribers.
MyPoints.com Inc. (MYPT) was off 4-3/4 to 57-1/4. The Internet marketer announced plans to sell up to 4 million shares in a secondary offering.
Redback Networks Inc. (RBAK) was down 10-1/8 to 195-7/8. The network equipment maker beat earnings forecasts, although speculation was investors were displeased after the company did not declare a stock split.
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