All major U.S. indices were trading higher at midday Thursday for the first time this week. One of the catalysts was news of a dip in April retail sales which eased investor concerns about inflation.
At 11:45 a.m. Eastern, internet.com’s Internet Stock Index had jumped 23.97, or 3.65 percent, to 680.54, the Nasdaq Composite had gained 99.94 to 3,484.67 and the Dow Jones industrial average had climbed 170.65 to 10,538.43.
Several Internet players that have been particularly hard hit during the recent wave of selling were regaining lost ground. They included Checkpoint Software Technologies
, up 9-7/16 to 163-3/16, eBay Inc.
, adding 5-7/8 to 116-7/8, Go2Net Inc.
, soaring 6-7/8 to 42-7/8, Inktomi Corp.
, up 4-7/16 to 121-5/8 and Vignette Corp.
, jumping 4-7/8 to 51-13/16.
Value America Inc.
had jumped 5/32 to 2-1/8. The Internet computer retailer Thursday secured $90 million in funding.
Modem Media Poppe Tyson
was up 1-1/8 to 14-1/2. The interactive ad agency was initiated by First Union, which set a $30 price target.
was up 3/16 to 18-7/16. First Union cut its price target to $40 from $100, attributing the move to “shifting market conditions.” The company reiterated its “strong buy.”
On the downside, MP3.com
was off 1/2 to 11-3/8. The company late Wednesday pulled all major label music from its MyMP3.com service. The company continues to negotiate with major labels to secure permission to restore the content.
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