Internet stocks were escaping the downturn plaguing blue chips as investors applauded several reports of better-than-expected earnings.
Wall Street seen higher on deals, earnings : US Business::
the Dow Jones industrial average set another closing high on Tuesday. Oil prices could also provide a boost for stocks, with oil prices lower ahead of
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At noon Eastern, internet.com's Internet Stock Index had gained 8.19, or 1.15 percent, to 718.47, the Nasdaq Composite was up 47.01 to 3,677.10 and the Dow Jones industrial average was off 121.31 to 10,824.19.
Dragging down the Dow was a higher-than-expected rise in the Employment Cost Index, as companies reported labor costs had reached levels not seen in 10 years.
Channel - Money | mocoNews.net::
Earnings: Telefonica Q2 Profits Down 20 Percent; iPhone Helps Boost O2 UK Skyfire threw another hat in the mobile browser ring recently with the launch of
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One of the biggest Internet advancers was Macromedia (MACR), vaulting 13-13/16 to 75-1/16. The maker of multimedia software reported pro-forma earnings of 22 cents a share in the fourth quarter, 6 cents better than expected.
Amazon.com Inc. (AMZN) was off 3/4 to 52-3/4. The e-tail giant late Wednesday reported a loss of 35 cents a share in its latest quarter, a penny better than expected. Revenues jumped 95 percent to $574 million.
Prudential Securities' Mark Rowen upgraded the stock to "strong buy" from "hold," trimming his 2000 loss estimates by a penny to $1.24. He also lowered his 2001 loss projections to 58 cents from 80.
The Phoenix Companies, Inc. Second Quarter 2007 Earnings | Reuters.com::
CSCs Insurance Software to Boost Customer Service and Improve Operations Earnings Per Share Summary Net Income Per Share Basic $.29 $.17 $.12 Diluted
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Broadvision Inc. (BVSN) had jumped 5-1/2 to 37-7/8. The e-commerce applications company late Wednesday reported a first-quarter income of 4 cents a share, 2 cents better than estimates. Also, Legg Mason Wood Walker raised the stock to "buy" from "outperform."
Network Solutions Inc. (NSOL) was up 11-1/2 to 126-7/8. The domain registrar reported a first-quarter profit of 20 cents a share, 6 cents better than expected.
VerticalNet (VERT) had gained 4 to 50. The company posted a first-quarter loss of 16 cents a share, 9 cents better than expected.
TheStreet.com (TSCM) was up 3/16 to 6-1/4. The online financial publisher Thursday purchased BiGFiSH Management Inc., a producer of converences. The company plans to create a series of investment conferences using TheStreet.com brand.
BackWeb Technologies (BWEB) was down 1-1/16 to 18-1/2. The company posted a first-quarter loss of 5 cents a share, a penny better than expected.
Beyond.com Corp. (BYND) had tumbled 5/16 to 2-3/16. The online software retailer reported a first-quarter loss of 55 cents a share, 9 cents higher than expected.
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