Upgrades Send Internets Climbing
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Internet stocks were turning in a strong showing in midday trading Thursday thanks to a slew of rating upgrades.
Just before noon, internet.com's Internet Stock Index was up 4.96, or 1.01 percent, to 495.59, the Nasdaq Composite had jumped 28.25 to 2,836.99 and the Dow Jones industrial average had climbed 20.26 to 11,056.60.
Most of the sector's leaders were higher, including eBay Inc. (EBAY) up 5-1/16 to 139-13/16. John Segrich of CIBC World Markets initiated coverage with a "strong buy" Thursday. He predicted the stock will hit $180 within a year.
Priceline.com Inc. (PCLN) wasn't having such a good day, falling 7-13/16 to 55-7/16. Shares continue to come under pressure following news that Microsoft Corp.'s (MSFT) Expedia unit will offer a "name-your-price" hotel service.
Finally, shares of internet.com Corp. (INTM) had jumped 3-11/16 to 17-15/16. US Bancorp Piper Jaffray reiterated its "strong buy" rating on the stock, predicting the stock will hit $40 over the next 12 months.
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