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RealTime IT News

The Bulls Are Back

After six consecutive down weeks, stock market bulls were finally sighted on Wall Street again on Friday.

The ISDEX soared 52 to 648, an almost 9% gain, and the Nasdaq bolted 241 to 3316. The S&P 500 climbed 44 to 1374, and the Dow added 157 to 10,192. Volume declined to 1.23 billion shares on the NYSE and 2.06 billion on the Nasdaq. Advancers led by 16 to 12 on the NYSE and by 2 to 1 on the Nasdaq. The Producer Price Index for September came in much stronger than expected, at a 0.9% gain and a 0.3% rise in the core rate, but traders shook off the bad news. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.

DoubleClick dropped 5 11/16 to 12 7/16. The company's first profitable quarter matched estimates of three cents, but revenues came in a little light, and the company guided forward estimates lower. Merrill Lynch analyst Henry Blodget cut his 2001 estimates to a range of 10-20 cents from 37 cents a share. He said he believes the company will be one a long-term survivor, but that he expects the next two quarters to be tough.

MyPoints.com plummeted 2 21/32 to 2 7/32 on an earnings warning. The company will lay off 120 employees, almost 30% of its workforce.

RealNetworks was taken down to as low as 16 9/16 on advertising worries, but finished off just 2 13/16 to 20 15/16 after analysts came to its defense.

But otherwise the day was a good one. Only 8 of 50 ISDEX stocks finished the day lower.

Juniper Networks , up 26 7/8 to 226 1/2, beat estimates with earnings of 17 cents a share, almost double estimates.

Juniper sparked a rally in Internet infrastructure plays. Corning rose 6 3/4 to 92 3/4. Bellwether Cisco surged 5 3/4 to 55 9/16 a day after closing below the important $50 level. Redback Networks bolted 18 13/16 to 121 1/2, and Sycamore added 8 1/2 to 85 1/2.

RSA Security rose 2 3/16 to 51 15/16 after reporting earnings of 24 cents a share, a penny above estimates.

WebMD dropped 5/8 to 7 7/8 on several analyst downgrades after a disappointing analyst meeting.

RedHat bolted 3 5/16 to 14 5/8 on positive comments from W.R. Hambrecht, which said the company is a key element of the future technology landscape and a compelling value. The firm set a $30 price target.

C-bridge Internet tacked on 1 3/4 to 14 1/2 after reporting earnings in line with estimates at a penny a share.

B2B leaders were strong. Ariba rose 11 5/8 to 122, Commerce One surged 8 1/4 to 62 3/4, i2 gained 19 1/16 to 180, and PurchasePro soared 6 1/32 to 35 1/8 after Lehman Brothers said it expects the company to solidly beat earnings estimates on October 17.

Beaten-down Internet consultants found new life. Scient surged 4 9/32 to 16 15/32, and Sapient gained 4 5/8 to 35 1/8.

Inktomi regained 7 1/8 to 82 1/4. If the company's breakdown out of a descending triangle was for real, it should have a hard time getting back above $90, and could still have significant downside ahead.

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