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RealTime IT News

Good Earnings News Helps Internet Stocks Keep Win Streak Alive

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-only bank Net.B@nk Inc. (NTBK) soared 28-1/2 to 176 after reporting earnings of 9 cents a share for the first quarter, matching analysts' expectations. The bank also grew accounts by 50 percent to 27,000.

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.

Lycos Inc. (LCOS) lost some of this week's earlier momentum, slipping 6-1/8 to 95-3/8 after soaring 37 percent on Wednesday.

ZDNet (ZDZ) gained 4-1/2 to 39-1/4 after Jamie Kiggen of Donaldson Lufkin & Jenrette raised his price target to 70.

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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