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.
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.
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.
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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