Technology stocks celebrated the surprise merger of America Online Inc. and Time Warner Inc. along with a slew of other deals at midday Monday. The Nasdaq rose 114.58 to 3,997.20, and the Dow Jones Industrial Average gained 71.35 to 11,593.91.
The Inter@ctive Week Index leapt 22 to 574.43.
AOL moved up 5/8 to 74 3/8 and Time Warner jumped 28 1/4 to 93 as the companies celebrated the biggest marriage of an Internet darling and an old media baron. The pair merged Monday to create a company worth more than US$350 billion.
Yahoo! rallied 30 to 437 1/4, and Excite@Home was up 1 1/2 to 40 7/16. Earthlink advanced 2 5/8 to 43 5/8, and Amazon.com Inc. lost 3 1/4 to 66 5/16.
Ariba rose 13 11/16 to 182 7/8 after it announced it is teaming up with EDS CoNext, the newly created subsidiary of Electronic Data Systems, to create business-to-business Net markets.
Concentric Network Corp. raced ahead 28 percent Monday, up 8 5/8 to 38 5/8, as it chased the premium put on its stock by Nextlink Communications, down 3 3/4 to 74 3/4, which will buy the company for US$2.9 billion.
PSINet rose 4 1/4 to 65 1/4 and gave investors plenty of financial news to digest. The company expects to report revenue of about US$185 million for the quarter ended December 31 and sees revenue and spending accelerating at breakneck speed.
EGlobe, up 3 5/16 to 12 1/2, has become the latest company to rise on news it's headed east. EGlobe shares popped 38 percent on plans for expansion in China.
Dell Computer Corp. lost 2 1/32 to 44 5/32, Compaq Computer Corp. rose 1/16 to 28 3/16 and Gateway Inc. lost 1/16 to 61 9/16 after it announced a deal to use chips from Advanced Micro Devices Inc. AMD shares were up 2 1/4 to 34 3/4.
Intel Corp. rose 2 11/16 to 84 11/16.
Cisco Systems Inc. rose 7/16 to 106 5/16, and Lucent Technologies Inc. rose 2 5/8 to 56 5/8.
