RealTime IT News

Blue Chips Soar, Nets Stage Comeback

Blue chips ruled for the second consecutive session Thursday, scoring gains of almost 500 points to lead the group to its biggest two-day gain since October 1987.

Meanwhile, technology stocks seesawed for much of the day before staging an impressive performance of their own, gaining more than 100 points.

internet.com's Internet Stock Index jumped 39.55, or 4.07 percent, to 1,011.60, the Nasdaq Composite soared 134.67 to 4,717.29 and the Dow Jones industrial average leaped 499.19 to 10,630.60.

Many Internet leaders did an about-face to post double-digit gains. Strong movers included Broadcom Corp. (BRCM), up 24-7/8 to 213-13/16, Checkpoint Software (CHKP), up 10-7/16 to 219-1/8 and Amazon.com Inc. (AMZN), climbed 2-1/2 to 66-1/4.

Also higher were eBay Inc. (EBAY), gaining 29-63/64 to 219-1/2, Network Solutions Inc. (NSOL) was up 12-1/8 to 218, VerticalNet (VERT) rose 13-1/16 to 230-3/8 and Yahoo! Inc. (YHOO) jumped 11-11/16 to 170-3/16.

The day's worst Internet performer was online grocer Peapod Inc. (PPOD) which plunged 4-3/32 to 3-23/32. The firm lost a $120 million investment after its president and chief executive officer announced his resignation, citing health reasons. Peapod said it is exploring several alternatives, including a sale.

Redback Networks Inc. (RBAK) fell 13-13/16 to 322-3/16. The high-speed Internet equipment maker Thursday announced plans to sell $500 million in convertible notes to finance product development.

VA Linux Systems Inc. (LNUX) lost 3-1/2 to 96. The Linux software and hardware retailer bought two privately-held Linux companies Thursday for $239 million.

Streaming media company Loudeye (LOUD) gained 4-9/16 to 44-9/16. The company almost tripled in its first day of trading Wednesday.

Launch Media (LAUN) added 1/2 to 20-3/8 on news it is forming a partnership with Japan's Softbank Publishing, Yahoo! Japan and Tokyo Broadcasting System.

Internet marketer Be Free Inc. (BFRE) fell 3-1/8 to 43-3/4. The Internet marketer's chief executive officer has filed plans with the Securities and Exchange Commission to sell shares.

Cobalt Group Inc. (CBLT) rose 1-3/4 to 13-9/16. The company, which provides Internet services for auto dealers, sealed partnerships with two online auto sites.

Flightserv.com (FSW) jumped 1-1/16 to 6-1/8 after announcing a partnership with Sabre Holdings to sell excess capacity on private busines