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RealTime IT News

Net Stocks Rise Over Hesitant Market

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.

Segrich also initiated coverage on Yahoo! Inc. (YHOO) , which shot up 9-1/4 to 162-11/16, America Online Inc. (AOL) up 2-5/32 to 96-5/32 and Amazon.com Inc., (AMZN) up 2-3/16 to 63-5/8.

Although, today Amazon.com announced that the chief of its British operations left to pursue other interests.

Starmedia Network Inc. (STRM) gained 5-1/16 to 45-3/8. The company announced a deal in which Hewlett-Packard will provide free hardware and software to help build e-commerce sites for customers.

As for the Net leaders, CMGI (CMGI) added 5-1/8 to 87-3/8, Inktomi (INKT) was up 6-3/4 to 124-7/8, and Real Networks Inc. (RNWK) was up 4-3/4 to 88-1/2.

F5 Networks (FFIV) climbed 1-1/2 to 71. The company announced a 2 million share secondary offering.

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.

Shares of internet.com Corp. (INTM) jumped 4-3/16 to 18-7/16. 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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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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