Internet stocks were mixed at midday Tuesday with several wide price swings in both directions. However, a balancing effect was prevailing, leading the ISDEX to post a slight gain. Investors remained focused on earnings as a number of companies are set to report this week.
At noon. Eastern, internet.com’s Internet Stock Index was up 1.04, or 0.12 percent, to 853.20, the Nasdaq Composite was up 1.61 to 4,097.69 and the Dow Jones industrial average had tumbled 18.93 to 10,989.24.
Leaders were mixed, with Broadvision Inc. (BVSN) up 4-1/4 to 153-1/4, Checkpoint Software Technology (CHKP) up 12-19/32 to 268-3/16, Doubleclick Inc. (DCLK) rising 1-5/8 to 105-1/2 and Infospace.com Inc. (INSP) jumping 8-7/16 to 133-5/8.
Separately, CS First Boston initiated coverage on Doubleclick with a “buy” rating and a $175 target.
On the losing side were Ariba Inc. (ARBA) off 7-5/8 to 174-3/4, Inktomi Corp. (INKT) down 7-1/2 to 104-1/2 and PSINet Inc. (PSIX) off 8-3/4 to 92-1/4.
Strong ISDEX gainers included S1 Corp. (SONE), up 7-1/2 to 100-1/2. Lehman Brothers initiated coverage on the online financial services company with a “buy,” setting a $140 target.
About.com Inc. (BOUT) had jumped 17-15/16 to 81. Investors applauded news that its fourth-quarter loss shrank to 57 cents a share. That trounced analyst expectations of an 80-cent loss.
Ask Jeeves Inc. (ASKJ) had gained 4-1/2 to 103-1/2. The Internet search firm Tuesday bought Direct Hit Technologies in a stock deal worth almost $507 million.
Healtheon/WebMD Corp. (HLTH) was up 2 to 67-1/8. The company Tuesday formed a $100 partnership with online medical company Medtronic.
Foundry Networks Inc. (FDRY) had gained 3-5/8 to 147-1/8. The maker of networking equipment Tuesday reported a fourth-quarter profit of 11 cents, 4 cents higher than analysts were expecting.
Goto.com Inc. (GOTO) was up 1/16 to 86-1/8. The Internet directory Tuesday was named by Microsoft Corp. (MSFT) as a premier search provider.
Engage Technologies Inc. (ENGA) had vaulted 8-3/16 to 118-7/16. CS First Boston started coverage with a “buy,” setting a $170 price target.
eBay Inc. (EBAY) had gained 2-5/8 to 139. The online auctioneer is set to report earnings after Tuesday’s closing bell. Analysts are expecting a fourth-quarter prof
it of 2 cents.
E*Trade Group Inc. (EGRP) was off 3/4 to 22-9/16 after announcing plans to sell $500 million in notes. The company will use the proceeds to refinance debt and grow its business.
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