RealTime IT News

Internet Stocks End Up Ahead of CPI

Despite uncertainty regarding tomorrow's report of the Consumer Price Index, Internet shares were able to remain on the upside through Monday's close.

internet.com's Internet Stock Index climbed 10.26, or 2.30 percent, to 461.26, the Nasdaq Composite rose 7.43 to 2,645.24 and the Dow Jones industrial average was up 69.97 to 11,043.62.

The sector's leaders were generally up, with Amazon.com Inc. (AMZN) up 7/8 to 98-5/16, eBay Inc. (EBAY) jumping 11 to 109.

On Monday, eBay sealed a deal with SkyTel Communications Inc. to offer pagers that will send bid alerts to eBay members.

The other leaders were split, with Yahoo! Inc. (YHOO) climbing 1-11/16 to 134-1/2 and America Online Inc. (AOL) dropping 2 to 94-7/8,

Engage Technologies (ENGA) rose 2-13/16 to 35-3/4 . The company signed a strategic alliance with Microsoft's MSN for banner ad targeting.

Broadcom Corp. (BRCM) soared 7-3/8 to 127-7/16. The company released a new chip, called StrataSwitch, which manages voice, video and data across the enterprise.

The online music sector was particularly strong. Gainers included Audible Inc. (ADBL) up 3-3/16 to 13-7/8. Audible Monday reached a deal with Microsoft Corp. to make its audio content available in the Windows Media Player format.

EMusic.com Inc. (EMUS) added 1-5/16 to 16-7/16. EMusic, which sells downloadable music over the Internet, teamed with America Online to offer music on its service.

In return, AOL will receive an unspecified number of warrants in EMusic and will receive a share of the transaction revenue.

MP3.com (MPPP) had climbed 3/16 to 35-13/16. Credit Suisse First Boston's Lise Buyer and Hambrecht & Quist's Dan Rimer initiated coverage of with "buy" ratings.

Another recent IPO, Home Store (HOMS) surged 13-7/8 to 40-3/4. There was no news to account for the surge.

Hoovers Inc. (HOOV) jumped 1-3/4 to 14-1/8. The company, which publishes company information on the Internet, was rated a "buy" by J.P. Morgan's Susan Walker White who initiated coverage Monday.

Finally, after soaring three straight days last week, Red Hat (RHAT) fell 10-3/4 to 74-1/2.

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