Internet Stocks On A Road To Nowhere
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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.
Internet.com's Internet Stock Index lost 5.77, or 1.04 percent, to 550.79, the Nasdaq Composite dropped 21.44 to 2,520.79 and the Dow Jones industrial average shed 37.46 to 10,829.28.
Investors sent shares of Priceline.com Inc. (PCLN) up 4-9/16 to 138-15/16. 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.
Interactive ad agency Modem Media.Poppe Tyson Inc. (MMPT), added 4-1/8 to 28-3/8. Shares benefitted 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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