Internet Issues Trade Sideways, Dow Sets New Record
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Internet stocks made small moves in and out of positive territory Friday, before ending slightly higher although the Dow managed to close out the week by setting another record.
The Dow Jones industrial average gained 84.77 to 11,031.59, the Nasdaq Composite climbed 31.34 to 2,503.62 and Internet.com's Internet Stock Index crept up 0.11, or .02 percent, to 544.23.
The day saw three Internet IPOs capture much of the action, although only two had a really successful debut. Internet measuring firm Media Metrix Inc. (MMXI) rocketed 28-9/16 to 45-9/16 on its first day. The company sold 3 million shares at $17, raising $51 million.
It was another good day for Internet brokers, which were helped by ratings upgrades. E*Trade Group Inc. (EGRP) rose 5-5/16 to 110-3/8 and Ameritrade Holding Corp. (AMTD) climbed 5-1/4 to 113-3/4. Richard Repetto of Lehman Brothers recommended both stocks and set a one-year price target of $140 for E*Trade and $150 for Ameritrade.
Finally, shares of Priceline.com (PCLN) slumped 8-25/32 to 130-21/32 after David Trossman, an analyst at Legg Mason Wood Walker initiated coverage with an "underperform" rating. He expressed concern over the fact the company's revenue growth hasn't kept up with its raging market cap.
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