Internet Sleight of Hand

SAN FRANCISCO -- In the world of Internet trading these days, it's not whether you win or lose, it's how quickly you play the game.

Genesis Direct (GEND Quote) is the latest Internet skyrocket. The company announced an agreement with Excite (XCIT Quote) to sell its athletic clothing, toys, collectibles and other merchandise. The stock more than tripled at one point today to 22 but has already slipped back to 10 7/8 as traders have learned to get in and out quickly on the day's big newsmaker.

In the category of out of favor one minute and in favor the next, Inktomi (INKT Quote) added as much as 19 3/8 to 146 3/4 points after announcing a two-for-one stock split after the close of trading yesterday, but most of that gain came in premarket trading. The stock sold off after opening at 9:30 a.m. EST and lately was up 8 5/8 to 136 5/8. Inktomi had lost 10 points yesterday on news that Intel (INTC Quote) had filed an intent to sell around $28 million in Inktomi stock. ...