Technology and Internet shares did an about-face Monday afternoon after languishing in the red most of the session on interest rate fears, one day ahead of the Federal Reserve’s two-day meeting.
internet.com’s Internet Stock Index erased much of a 50-point decline earlier in the day to finish off only 5.19, or .63 percent, to 813.61, the Nasdaq Composite jumped 53.30 to 39,40.30 and the Dow Jones industrial average leaped 201.66 to 10,940.53.
B2B stocks that have been steady high fliers of late ended mixed after being in the red at midday. Ariba Inc. (ARBA) was off 11-1/8 to 162-5/8, Broadcom Corp. (BRCM) was up 5-5/16 to 289-5/16, Broadvision Inc. (BVSN) was down 6-1/8 to 127-5/8 and Checkpoint Software Technology (CHKP) lost 4-27/32 to 110-5/32.
Also in the red were Doubleclick Inc. (DCLK), down 1-13/16 to 98-13/16, Exodus Communications (EXDS) shed 4-7/8 to 114-7/8, Real Networks Inc. (RNWK) lost 1/4 to 157-3/16 and Verisign Inc. (VRSN) lost 3-3/32 to 161-3/8.
FreeMarkets Inc. (FMKT) dove 42-13/16 to 229. The online auactioneer reported a fourth-quarter loss of 26 cents compared to break-even results in the year-ago period.
On the positive side, Espeed Inc. (ESPD) leaped 12-1/16 to 68-11/16. The electronic marketplace operator reported its fourth-quarter revenue jumped 21 percent sequentially to $14 million.
Netcentives Inc. (NCNT) jumped 6-3/8 to 68-1/4 and America Online Inc. (AOL) lost 1-13/16 to 57-1/16. AOL Monday announced it will take a stake in the marketing company for online retailers.
Infospace.com (INSP) dropped 11-5/8 to 140-1/8. The company Monday announced a 2-for-1 stock split.
internet.com Corp. (INTM) gained 1-19/32 to 48-31/32. The publisher of this Web site Monday purchased ASPnews.com, a site offering news and analysis for application service providers.
Webstakes.com Inc. (IWIN) gained 3-5/16 to 22-5/16. The online sweepstakes company formally changed its name to Promotions.com Inc. It will begin trading under the ticker “PRMO” Feb. 2.
Amazon.com Inc. (AMZN) gained 2-7/8 to 64-9/16 and Audible (ADBL) added 1 to 15-1/2. Amazon Monday took a 5
percent stake in the company. In exchange, it will promote Audible’s services on its Web site and will receive $30 million over three years from Audible.
Also, Thomas Weisel Partners Monday removed Amazon from its model portfolio.
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