Net Stocks Rise Over Hesitant Market
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Markets were holding off today in anticipation of the producer prices data that will be released tomorrow morning.
internet.com's Internet Stock Index was up 13.88, or 2.83 percent, to 504.51, the Nasdaq Composite had jumped 41.84 to 2,850.58 and the Dow Jones industrial average had climbed 39.89 to 11,076.23.
A variety of analyst reports boosted Net stocks. John Segrich of CIBC World Markets initiated coverage with a "strong buy" on eBay Inc. (EBAY) . The stock surged 8-11/16 to 144-7/16. He predicted a price target of $180 in the next 12 months.
NetObjects (NETO) was up 1-27/32 to 7-7/16. The Internet software developer announced a deal with Concentric Network Corp. (CNCX) to provide customers with e-commerce hosting. Concentric was down 1 to 23-7/16.
internet.com Corp. publishes this Web site.
On the IPO front, Loislaw.com announced the terms of its IPO. The online legal provider plans to issue 3.98 million shares priced between $10-$12. The lead underwriter is Prudential Securities.
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