RealTime IT News

Markets Start Week on High Note

The broader markets surged Monday as all three major indices set new records ahead of Tuesday's key Federal Reserve meeting.

internet.com's Internet Stock Index had jumped 18.40, or 3.88 percent, to 492.27, the Nasdaq Composite was up 71.58 to 2,719.91 and the Dow Jones industrial average climbed 194.74 to a record 11,295.33.

Excite@Home (ATHM) rose 2-1/4 to 39-15/16. An analyst with BancBoston Robertson Stephens made positive comments on the stock and issued a $100 price target.

China.com (CHIN A) soared 8-9/16 to 44-1/16. Analyst Ravi Sarathy of Lehman Brothers reiterated a "buy" recommendation on the stock.

All the leaders ended higher, with America Online Inc. (AOL) up 3-1/4 to 98-7/16. Merrill Lynch & Co.'s Henry Blodgett reiterated his "buy" rating.

Yahoo! Inc. (YHOO) gained 7-1/8 to 152-1/8. Yahoo! Monday launched Yahoo! Digital, a new site which offers Internet broadcasts and secure music downloads in MP3 and other audio formats.

Net2Phone (NTOP) surged 11-5/8 to 47-1/8. Today, the "quiet period" expires on the stock, which allows underwriters' research departments to issue reports.

Drugstore.com (DSCM) was up 2-13/16 to 51-5/16. Donaldson Lufkin Jenrette Monday issued a "buy" rating on the company and set a $60 price target.

Stamps.com Inc. (STMP) had vaulted 4-3/8 to 35. The company Monday sealed a deal to sell postage through the update utility in Microsoft's Office suite.

E*Trade Group Inc. (EGRP) was up 5/8 to 27-3/16. The company Monday took a minority stake in online mortgage provider LoanCity.com.

Mail.com Inc. (MAIL) was down ? to 15-12. The company Monday acquired The Allegro Group, a provider of corporate e-mail and hosting services.

Transaction Network Services Inc. (TNI) had soared 9 to 43-1/4 and PSINet Inc. (PS IX) had gained 5/16 to 45-7/8. PSINet Monday acquired TNS, a processor of Internet and credit card transactions, for $720 million in cash and stock.

Alloy Online (ALOY) rose 3-15/16 to 13-3/4. The company is an etailer for the "Generation Y" demographic. Volpe Brown Whelan put a "strong buy" rating on the stock.

Note: Hear Internet Stock Report Senior Analyst Chris Nerney tonight on TradersRadio.com. Chris and show host Michael Mermer will discuss the latest trends in Internet stocks and what to expect in the coming months and beyond. Show starts at 9 p.m. Eastern. Go to www.tradersradio.com to hear the half-hour program.

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