Internet Stocks Mixed As Dow Posts Fifth Straight Record
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Internet stocks ended mixed Friday as earnings concerns weighed on some famous names while smaller players posted healthy gains and the Dow Jones industrial average set its fifth straight record.
Internet.com's Internet Stock Index closed down 7.53, or 1.21 percent, to 613.65 while the Dow Jones industrial average gained 30.89 to 10,493.61 and the Nasdaq Composite finished the week down 39.37 to 2,482.40.
Friday's gainers included Amazon.com Inc. (AMZN) which jumped 22-3/4 to 190 after Jamie Kiggen of Donaldson Lufkin Jenrette raised his price target to $280 and predicted the company's auction revenues could reach $20 million in 1999 and $65 million next year.
Search engine designer Inktomi Corp. (INKT) was unable to sustain a gain of almost 20 points earlier in the day and finished off 11/16 to 118-1/2. Earlier this week, the company posted better-than-expected quarterly earnings.
SpeedUs.com Inc. (SPDE) jumped 1-1/2 to 6-1/2. The Local Multipoint Distribution System Internet provider signed a deal with Netscape Communications Corp., giving it the right to integrate a customized version of Communicator 4.5 into its service.
Excite Inc. (XCIT) lost 7-9/16 to 139-3/8 despite posting its third-straight profit Thursday. Revenues climbed 123 percent to $54 million, ahead of analyst expectations and daily page views jumped 33 percent to 77 million. Before charges, Excite earned 4 cents a share, a penny below analysts' consensus forecast.