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RealTime IT News

Nasdaq Tops 5,000 for First Time

Internet stocks zoomed higher as investors continued pouring money into the business-to-business e-commerce and wireless sectors. VerticalNet was a dominant factor in the NASDAQ's close above 5,000.

internet.com's Internet Stock Index closed up 42.29, or 3.95 percent, to 1,111.96, the Nasdaq Composite soared 149.60 higher to 5046.86 and the Dow Jones industrial average gained 154.20 to 10010.73.

Yesterday's IPO stand-outs,Crayfish (CRFH) and iPrint.com (IPRT) remained hot. Shares of CRFH were up 6 to 132 and IPRT finished up 5-3/4 to 21-1/2.

VerticalNet (VERT) was up 24-17/64 to 277-49/64, Network Solutions Inc. (NSOL) rocketed 71-1/16 higher to 494-1/2 and Doubleclick Inc. (DCLK) jumped 12 to 116-3/4.

America Online Inc. (AOL) was up 6-1/16 to 60-15/16 and AT&T Corp. (T) was off 3/8 to 52-5/8. Bloomberg reported Thursday the two companies are in partnership talks.

Also, CS First Boston's Lise Buyer reiterated her "strong buy" on AOL, saying the fundamentals of the company remain "very strong."

CMGI Inc. (CMGI) rose 6-7/8 to 145-3/8. The Internet incubator is among those reporting earnings Thursday. Analysts are forecasting a $1.28 loss compared to a 7-cent loss a year ago.

GoTo.com (GOTO) slipped 2-5/8 to 47-7/8. The search company Thursday purchased auction listing aggregator AuctionRover.com Inc. for about $175 million in stock. (Editor's Note: internet.com is an investor in AuctionRover)

Covad Communications (COVD) was up 5 to 95-1/4. The DSL Internet provider Thursday purchased LaserLink.net for $387 million in stock. LaserLink provides branded broadband solutions to corporate customers.

NaviSite (NAVI) rose 34-15/16 to 300-15/16. The application service provider Thursday announced a 2-for-1 stock split.

Redback Networks (RBAK) jumped 32-3/16 to 359-7/8. The company Thursday completed its acquisition of Siara Systems and set a 2-for-1 stock split effective April 3.


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