Deals were moving Internet stocks higher in midday trading Monday while a report that commodity prices increased last month was taking a toll on blue chips.
Just before noon, internet.com’s Internet Stock Index had gained 4.49, or .81 percent, to 567.21, the Nasdaq Composite was up 11.42 to 2,977.85 and the Dow Jones industrial average had sunk 31.80 to 10,698.06. Volume was generally light as investors were pacing themselves for economic data due out later this week.
One of the biggest gainers was online investment bank Wit Capital Group Inc. (WITC) which had soared 4-3/8 to 21-15/16 after announcing plans to buy SoundView Technology Group for $320 million in stock and options.
Akamai Technologies (AKAM) jumped another 11-5/8 to 156-13/16 on its second day of trading. The company, whose software speeds the delivery of Web content, rocketed 458 percent on Friday making it the No. 4 initial public offering in history.
[email protected] Corp. (ATHM) had gained 1-9/16 to 38-15/16 and AT&T Corp. (T) was up 5/8 to 47-3/8. The two companies are set to argue their case in front of the Ninth Circuit Court of Appeals Monday. The telecommuications giant is going to argue it should not be forced to open its cable systems to competitors. AT&T is a large shareholder in [email protected]
Most leaders were higher, with America Online Inc. (AOL) up 3-5/8 to 132-15/16, Ariba Inc. (ARBA) had gained 5-1/8 to 160-1/8, Broadcom Corp. (BRCM) had vaulted 8-7/16 to 136-1/4, Network Solutions Inc. (NSOL) was up 5-3/4 to 124-1/4, 24/7 Media (TFSM) had climbed 2-15/16 to 46-1/8 and Verisign Inc. (VRSN) was up 9 to 132-1/2.
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