RealTime IT News

Internet Stocks Once Again Trade Sideways

Followers of Internet stocks had little to get excited about Friday, as issues continued this week's trend of narrow-range trading. A leading e-commerce company was responsible for what little movement came from Wall Street.

Just after mid-day, Internet.com's Internet Stock Index was off 8.16, or 1.47 percent, to 548.40, the Nasdaq Composite had shed 21.95 to 2,520.28 and the Dow Jones industrial average had lost 45.12 to 10,821.62.

Investors sent shares of Priceline.com Inc. (PCLN) up 4-1/2 to 138-7/8. Jamie Kiggen, Internet analyst at Donaldson Lufkin Jenrette, initiated coverage on Priceline.com with a "buy" rating. Kiggen also set a 12-month price target of $190 a share.

Kiggen estimates Priceline will rack up $253 million in sales in 1999 and $402 million in 2000.

eToys (ETYS), Thursday's hot initial public offering, was losing its luster on Friday. Shares were down 6-11/16 to 69-7/8 after being as high as 79-1/2 earlier in the day.

Amazon.com Inc. (AMZN) couldn't manage to do any better. It had lost 4-1/16 to 126-3/4.

About the only other winner was interactive ad agency Modem Media.Poppe Tyson Inc. (MMPT), which was up 2-3/4 to 27. Shares were benefiting from a Business Week report which cited an unnamed analyst who predicted shares would soon head back to 45 -- a mark not seen since its Feb. 5 initial public offering.

ALL NEW! internet.com's HotWatch a monthly e-mail subscription for $99, featuring Internet Stock Report's Steve Harmon, and his top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced nature of Internet stocks. Staying on top of market changes in the Internet Stock market is what counts. For $99 per year, you receive 12 timely issues sent to you by e-mail. Don't wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters