Investors bid up many Internet issues in anticipation of earnings from a couple of sector leaders.
internet.com's Internet Stock Index ended up 7.67, or 1.39 percent, to 559.09, the Nasdaq Composite jumped 38.17 to a record 2,816.40 and the Dow Jones industrial average fell 26.28 to 11,148.74.
Inktomi Corp. (INKT) rose 3-5/16 to 128-7/8. The company is set to report earnings after Wednesday's market close. Analysts are expecting a 12-cent loss compared to a 13-cent loss a year ago.
Banc of America Internet analyst Alan Braverman initiated coverage of Inktomi with a "buy" rating and set a one-year price target of $170.
Also reporting later Wednesday is EarthLink Network Inc. (ELNK) which lost 1-3/8 to 64. The company Wednesday launched a nationwide Digital Subscriber Line service for consumers.
GoTo.com Inc. (GOTO) soared 14-5/8 to 68-5/8. Donaldson Lufkin & Jenrette and Thomas Weisel Partners initiated coverage of the stock with a "buy" rating.
Egghead.com Inc. (EGGS) lost 5/16 to 11-3/4 and online auctioneer Onsale (ONSL) dropped 1-1/2 to 21.
The two companies Wednesday announced they were merging in in a stock deal valued at $400 million.
Mindspring Enterprises Inc. (MSPG) gained 1-1/4 to 49-1/2. SoundView Technology Group initiated coverage with a "buy" rating.
Yahoo! Inc. (YHOO) ended up 2-1/2 to 159-7/16. Yahoo!'s Japan unit said its first-quarter pre-tax profits rose almost 700 percent as online advertising continues to grow.
Excite@Home Corp. (ATHM) dropped 1 to 48-15/16. Excite@Home and Unilever inked a broadband advertising deal that will showcase Unilever's products. The deal is the largest investment any consumer products company has made in broadband advertising.
Amazon.com Inc. (AMZN) climbed 8-7/8 to 135. The company formed a strategic alliance Wednesday with online sporting goods retailer Gear.com.
Critical Path Inc. (CPTH) moved up 2-11/16 to 49-1/8. The company, which provides e-mail services to corporations, signed deals with BidCom Inc., Comcast Commercial Online and Cidco.
Exodus Communications Inc. (EXDS) climbed 10-15/16 to 146-7/16. Banc of America's Braverman rated the Internet data center manager a "buy" in new coverage.
Go2Net Inc. (GNET)added 4-5/16 to 84-9/16. The Internet directory Wednesday announced plans to increase its focus on electronic commerce.
Other strong gainers included Redback Networks Inc. (RBAK), up 11 to 158-1/2 and Juniper Networks Inc. (JNPR) climbed 7-1/16 to 132-1/16.
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