Good Earnings News Helps Internet Stocks Keep Win Streak Alive
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Another round of better than expected earnings reports once again helped Internet issues Thursday on a day that saw all market indices post solid gains and the Dow Jones industrials set another record.
Internet.com's Internet Stock Index climbed 20.52 to 604.30, the Nasdaq Composite jumped 72.48 to 2,561.56 and the Dow Jones industrial average leaped 145.76 to 10,727.18.
Online software retailer Beyond.com Corp. (BYND) soared 5 to 32-1/8 after reporting a first-quarter loss of 66 cents a share. That beat analysts' expectations of a 74-cent loss. The company said a successful advertising campaign helped send revenues up by more than 300 percent.
CNET Inc. (CNET) added 13-1/4 to 133 after reporting a pro-forma net income of 9 cents a share, 6 cents better than analysts had expected. Daniel Rimmer, Internet analyst at Hambrecht & Quist, also reiterated his "buy" rating on the company.
Internet infrastructure company Exodus Communications Inc. (EXDS) gained 19-3/16 to 103-13/16 after the company reported better-than-expected first-quarter results. That prompted Goldman Sachs to raise its price target 59 percent to $135.
Yahoo! Inc. (YHOO) gained 9-1/8 to 184, coming within 5 of this week's high. Wit Capital analyst Jonathan Cohen initiated coverage of Yahoo! with an "outperform" rating.
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