RealTime IT News

ISDEX Jumps 2.5 Percent on Leader Strength

Internet shares soared Friday, helping the Nasdaq Composite set a new record led by the leaders, such as Yahoo! and eBay.

internet.com's Internet Stock Index climbed 13.05, or 2.59 percent, to 517.56, the Nasdaq Composite closed up 34.67 to 2,886.69 and the Dow Jones industrial average dropped 51.29 to 11,028.11.

America Online Inc. (AOL) closed up 1/8 to 96-3/8. Marc Andreessen, the chief technology officer, announced he is leaving to become a part-time advisor to AOL. William Raduchel, from Sun Microsystems, will replace him.

MarketWatch.com Inc. (MKTW) surged 8-1/2 to 47. The company announced a distribution deal with search engine AltaVista.

E*Trade Group (EGRP) gained 1-3/32 to 24-5/8. Chief Executive Officer Christos Cotsakos said E*Trade will soon announce a strategic alliance with a "brick-and-mortar" financial firm.

In his weekly wrap-up, BancBoston Robertson Stephens Internet analyst Keith Benjamin said he expects Internet stocks to soon return to their highs in part because of strength in the Internet advertising market, as well as much strength for the upcoming Christmas season.

That was good news for e-tailers, including Amazon.com Inc. (AMZN) which jumped 2-7/8 to 66-1/2, eBay Inc. (EBAY) rose 13-9/16 to 158, Yahoo! (YHOO) climbed 7-13/16 to 170-1/2, and eToys (ETYS) added 9-3/8 to 53.

Priceline.com (PCLN) lost 7/32 to 58-15/16. The company said it set a one-day record Thursday by selling more than 10,000 leisure air tickets.


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