SAN FRANCISCO -- Soft economic data are lending a positive tone to the market early today, though gains have been stymied by a lack of progress from the bond market.
TheStreet.com Internet Sector
index was up 6.13, or 1.5%, at 663.23 early today.
Yet another Net-sector marriage was announced today, this time between online retailer and auctioneer
and online computer and software retailer
. The deal is valued at approximately $400 million. Egghead.com shareholders will receive 0.565 share of Onsale for each outstanding share of Egghead.com. Based on Tuesday's closing prices, Egghead.com shares are valued at around 12.7125, a slight premium from its 12 1/16 closing price Tuesday.
In early trading, Egghead.com was up 1/4, or 2%, at 12 5/16. Onsale was down 15/16, or 4%, at 21 9/16.
took an in-depth look at this week's deals in the Internet sector in a
piece earlier today.
rumors Tuesday that
was set to announce a stock split and those rumors proved true -- sort of.
, a joint venture between Yahoo! and Japan's
, announced a 2-for-1 split while also reporting a profit of $2.1 million for the first quarter, according to
. Yahoo! also announced it had begun auctions at
. Yahoo was up 3 5/16, or 2%, at 160 1/4 in early trading.
Also on the move was
. The stock has been weak after the company filed an offer Monday to sell 3.3 million shares. Today,
Banc of America
began coverage of the stock with a buy rating and a 170 price target. It was trading up 5 15/16, or 4.7%, at 131 1/2.
were rallying after
Donaldson Lufkin & Jenrette
, the lead underwriter for the GoTo.com IPO, initiated coverage with a buy rating and a six- to 12-month price target of 100. It was up 5, or 9%, at 59.
had positive things to say about
. Analysts reiterated a buy on the stock and a 150 price target. In a note today, analyst Raimundo Archibold Jr. wrote that he expects Network Solutions to launch its dot-com directory in the last week of July with an initial rollout of 1.5 million to 1.8 million businesses. Network Solutions was up 2 17/32, or 3%, at 76 1/2.
On the IPO front,
(TIBX:Nasdaq) 7.3 million-share IPO top-range at $15. The company's products allow computer applications to communicate over the Internet. Tibco is majority-owned by