Internet shares shrugged off inflation worries that dragged down blue chips, staging a solid recovery in afternoon trading.
internet.com’s Internet Stock Index closed the day up 11.53, or 2.33 percent, at 507.06, the Nasdaq Composite gained 23.52 to close at 2868.29, and the Dow Jones slipped 120 points to end the day at 10910.33.
Excite@Home Corp. (ATHM) rose 1 1/4 to 39 and traded as high as 40 1/8. The company received good news from BancBoston Robertson Stephens analysts Keith Benjamin and Michael Graham, who said they consider Excite@Home “in a strong position strategically, operationally and politically.” They predicted its stock to return to its old highs, which are more than double its current trading price.
Healtheon Corp. (HLTH) jumped 3 5/16 to 37 11/16 on news that the company and its merger partner WebMD Inc. entered a $50 million partnership with HealthSouth Corp., one of the country’s leading outpatient surgery-center operators.
Net2Phone Inc. (NTOP) also flew up 6 15/16 to end the day at 63 3/4. The company, which offers IP telephony services, will allow users of Web hosting firms 9Net Avenue and Advanced Internet Technologies to sign up for its interactive voice software from a special Web site. The combined reach of the Web hosting companies is 100,000 sites.
The day offered one IPO — PurchasePRo.com Inc. (PPRO), which ended the day more than double its offering price of 12 to 26 1/8. It had traded as high as 30 1/2. The company lets firms buy and sell products over the Internet.
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