Internet Stocks Once Again Trade Sideways
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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.
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.
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