Optimism Continues for Net Stocks
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Internet stocks were looking to finish what they started Thursday as a number of the previous session's biggest gainers continued to move higher in midday trading Friday. Also, an announcement of a 3-for-1 stock split from Dow component General Electric Co. was helping blue chips advance.
At noon Eastern, internet.com's Internet Stock Index was up 5.56, or .68 percent, to 821.69, the Nasdaq Composite had climbed 38.06 to 3,753.14 while the Dow was up 63.61 to 11,308.81.
A positive close for the Nasdaq would set yet another record for the tech index. Nasdaq volume was extremely heavy at midday, setting the stage for what could be the exchange's first 2-billion-share day.
Other leaders moving on the continued enthusiasm included Broadcom Corp. (BRCM), up 6-1/4 to 228-1/4, BroadVision Inc. (BVSN) up 7-1/16 to 138-3/4, Doubleclick Inc. (DCLK) up 3-3/16 to 193-1/2, Sportsline USA Inc. (SPLN) had jumped 3-1/4 to 58-3/4 and Verio Inc. (VRIO) had climbed 4-1/16 to 51-1/2.
Network chip maker PMC-Sierra (PMCS) had vaulted 4-15/16 to 121-15/16 after Salomon Smith Barney raised its rating to a "buy" from "outperform."
American depositary receipts of Korea's Thrunet (KOREA) had gained 1-3/8 to 73-3/8 after Lehman Brothers raised its near-term target by $30 to $130 a share after the South Korean ISP posted much better-than-expected third-quarter results.