Economic News Pushes Stocks Higher
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Strong economic numbers drew investors back to Internet stocks Thursday in advance of Friday's job numbers. The day's initial public offerings also did well, with search engine AskJeeves.com soaring more than four-fold.
internet.com's Internet Stock Index gained 1.51, or .27 percent, to 555.66, the Nasdaq Composite rose 20.11 to a record 2,706.23 and the Dow Jones industrial average jumped 95.62 to 11,066.42.
The three other Internet-related IPOs also did well. CommerceOne (CMRC) soared 40 to 61. The Web procurement software developer sold 3.3 million shares at $21, raising just over $63 million. Primus Knowledge Solutions (PKSI) rose 6-9/16 to 17-9/16. The customer service software maker priced 4.15 million shares at $11 each. Finally, Clarent Corp. (CLRN) jumped 10-1/2 to 25-1/2. Clarent priced 4 million shares at $15, raising $60 million.
Yahoo! Inc. (YHOO) rose 5-1/8 to 177-3/8 on news it had sealed a marketing deal with Proctor & Gamble. P&G will market a variety of products to visitors across Yahoo!'s Internet network. Financial specifics weren't disclosed.
Lycos Thursday signed a co-branding deal with Banc One's WingspanBank.com that Lycos said could generate up to $135 million.
CNET Inc. (CNET) was off 5-7/8 to 51-3/4 after announcing plans for a $100 million advertising campaign in 1999. CNET said the campaign would result in losses for the third and fourth quarters. Analysts were expecting the company to earn 21 cents a share.
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