Upgrades Can’t Prevent Net Stock Slide

Internet stocks were falling in mid-day trading despite a number of analyst
upgrades pushing certain issues higher.

At 12:15 p.m. Eastern, internet.com’s Internet Stock Index was down 23.38,
or 2.52 percent, to 902.80, the Nasdaq Composite had fallen 107.09 to
4311.46, and the Dow Jones industrial average was up 43.43 to 10563.27.

VarsityBooks.com (VSTY)
priced 4 million shares at $10 per share with lead underwriter Robertson
Stephens. Shares were up slightly, +9/16 to 10-9/16.

US Interactive (USIT)
was up 5 to 49-15/16 after DB Alex. Brown upgraded the stock from “buy” to
“strong buy.”

Network Solutions (NSOL)
had lost 15-5/16 to 291-1/4 . Morgan Stanley Dean Witter initiated coverage
with “outperform” and $340 price target.

GoTo.com (GOTO)
was up 5-3/8 to 97-3/8 after DLJ analyst, Jamie Kiggen reiterated the search
engine a “buy” and raised his price target from $100 to $160.

Ask Jeeves (ASKJ)
announced plans to acquire The Evergreen Project, a provider of Web-based
educational products, for roughly $3.9 million in cash and stock. Shares
were slipping 2-1/2 to 81-3/8.

Among the leaders, Yahoo!
was down 8-1/4 to 157-1/2, CMGI (CMGI)
had fallen 3-3/4 to 111-3/4 and Internet Capital Group (ICGE)
was off 3-7/8 to 118.

Subscribe to internet.com’s HotWatch, a monthly e-mail newsletter
featuring Internet Stock Report’s top 10 noteworthy Internet stocks for
the month. Each month you will receive in-depth analysis on the top 10
Internet stocks to watch with the information you need to assess the
fast-paced nature of Internet stocks. Staying on top of market changes in
the Internet Stock market is what counts. You receive 12 timely issues
sent to you by e-mail. Don’t wait, our next issue will be out before you
know it with a whole new perspective on the market. Sign up today at: e-newsletters.

News Around the Web