Upward Momentum Continues for Net Stocks
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Technology stocks soared on Friday and Internet issues were also higher following a strong consumer price index report.
internet.com's Internet Stock Index gained 7.10, or 0.86 percent, to 833.17, the Nasdaq Composite rose 107.05 to 4064.26 and the Dow Jones industrial average jumped 140.55 to 11722.98.
Among the leaders, strong gains were posted by Goto.com Inc. (GOTO), up 7-13/16 to 79-9/16, Infospace.com Inc. (INSP) gained 2-13/16 to 116, Priceline.com Inc. (PCLN) rose 5-1/4 to 56-7/8 and Yahoo! Inc. (YHOO) jumped 6-1/8 to 353.
Akamai Technologies Inc. (AKAM) dropped 2-13/16 to 230. The company reached a deal with PSINet Inc. (PSIX) to use its content delivery systems across the ISP's network. PSIX shares added 5-7/64 to 85-7/64. Akamai will report earnings tonight. Reporter@Large, Luke Fronefield featured Internet valuations and previewed the companies' set to announce earnings.
Juniper Networks Inc. (JNPR) rocketed 25-11/16 higher to 340-1/8. The maker of networking products was initiated by Lehman Brothers Friday with a "buy" rating. Analyst Tim Luke expects the stock to hit $400 within a year.
TMP Worldwide Inc. (TMPW) jumped 23-1/2 to 148. Shares continue to benefit from this week's announcement of a forthcoming 2-for-1 stock split.
SciQuest (SQST) added 6-3/4 to 70. The electronic exchange for scientific products Friday joined Oracle Corp.'s (ORCL) Oracle Supplier Network. The linkup will give the company access to almost 300 additional clients.