Internet Shares Stage Comeback
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After falling this morning, Internet stock staged a comeback.
internet.com's Internet Stock Index rose 6.18, or 1.52 percent, to 411.46, the Nasdaq Composite ended off 30.76 to 2,488.22 and the Dow Jones industrial average closed down 48.12 to 10659.58.
Online auctioneer eBay Inc. (EBAY) surged 9 5/8 to 89 1/4. The company hired a new high-technology officer to deal with improving the company's infrastructure. Also, Morgan Stanley Dean Witter's Mary Meeker reiterated her "outperform" rating. In a research report, Meeker characterized eBay's growth opportunities as "impressive" and said she looks for notable fourth-quarter numbers.
The rally was broad-based, with Amazon.com Inc. (AMZN) up 5 1/2 to 91, CMGI Inc. (CMGI) increasing 2 15/16 to 76 3/16, Real Networks Inc. (RNWK) adding 3 1/8 to 70 3/4 and Yahoo Inc. (YHOO) rising 6 5/16 to 127 1/2.
A recent IPO, online magazine Salon.com (SALN) plunged 1-7/8 to 6-7/8. The company, which reported first quarter results late Monday, said revenues more than doubled. However, losses continue to mount as it spends aggressive to build its business.
The company lost $16.1 million, or $10.10 a share, compared to a loss of $1.4 million or $3.75 a share a year ago.
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