The low volume that defined the week grew typically thinner this Friday and turned into a downright ghost town this evening on Island.

Yahoo!

(YHOO)

hopped along higher on evening news that the

Securities and Exchange Commission

will approve the portal's request to not be classified and regulated as an investment company.

Yahoo!, which owns interests in other companies and was subject to stricter SEC investment restrictions because of it, applied for an exemption in February.

The SEC defines an investment company as one engaged in the business of investing, reinvesting, owning, holding or trading in securities that represent more than 40% of total assets.

Yahoo! insisted it was not in the business of investing, punctuating the statement with six emphatic exclamation marks. The company told the SEC that it is not involved in speculation but rather makes small, noncontrolling investments in companies that complement its Internet business. Today the SEC granted Yahoo!'s exemption. This will hold if no objections are filed by agency regulators by June 12.

The evening news rallied Yahoo! shares up 1 2/16 to 121 7/16 on 30,000 Island shares.

Madge Networks

(MADGF)

managed to muster volume of 87,000 shares on Island, falling 5/16 to 3 5/8 postclose on a morning announcement that it will open the first Internet broadcast network across Europe. The Dutch company soaked in 23% today on the news, riding up 3/4 to 3 15/16, but the momentum was hard to maintain late night. There seemed to be a lot of interest in the stock but not too much direction.

Madge Broadcast Network

is an affiliate network to the

Real Broadcast Network

in the U.S., and features a broadcast operations center in Europe that uses

RealNetworks

(RNWK) - Get Report

technology. The company will announce full details of the MBN service offering June 8.

Cyber-Care

(CYBR) - Get Report

develops the Electronic HouseCall System, a patented Internet-based technology system that provides remote health care monitoring. Tonight, the Florida-based company crashed on the late-night mention of a legal dispute. A class action suit was file against the cyber health care company, charging that Cyber-Care officers, insiders and directors violated federal securities laws by releasing false and misleading information about the development and sale of its Electronic Housecall System. All the alleged touting drove the stock from under 1 to over 37.

Lately the stock didn't have that much farther to fall. After closing at 8 3/16 today it stumbled 2 10/16 to 5 9/16 on 40,000 Island shares.

Yesterday

Covad Communications

(COVD)

spiked on takeover speculation; today it dove 4 3/8 to 22 1/2 when the company denied the rumors. Late-night lurkers were not convinced, lifting the Internet and network access provider 3/4 to 23 1/4 on 17,000 Island shares. California-based Covad could use the boost after posting 52-week lows on May 17 and falling about 66% from its early March high.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

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