Rally Loses Steam in Afternoon Trading
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Internet investors hoping to see a rally to start the week ended up disappointed as a strong showing earlier in the day evaporated in the afternoon despite several pieces of positive news.
internet.com's Internet Stock Index lost 0.14, or 0.03 percent, to 513.03, the Nasdaq Composite gained 21.32 to 2,761.73 and the Dow Jones industrial average climbed 24.06 to 10,303.39.
Shares of CMGI Inc. (CMGI) gained 8-5/16 to 93-1/8. Investors were upbeat in advance of the company's earnings report set to be released later Monday. Analysts expect a fiscal fourth-quarter profit of $4.08 a share up from 32 cents a year ago. Also, Prudential Securities' Paul Merenbloom reiterated his "strong buy" on the company.
Ariba (ARBA) lost gains of more than 10 to end 1-5/8 lower, closing at 175-3/8. Earlier in the day, shares were benefitting from CS First Boston initiating coverage of the online transaction processing software maker with a "buy" rating.
Many other Internet leaders ended the day on a positive note, including DoubleClick (DCLK) up 2-9/32 to 119-1/32, Broadcom Corp. (BRCM) up 7/16 to 110-1/16, Broadvision Inc. (BVSN) gained 1-3/8 to 131-1/4 and Juniper Networks (JNPR) climbed 7-15/16 to 206-7/8.
Netopia Inc. (NTPA) added 2-3/8 to 36. Shares benefitted from projections by a small-cap fund manager who said the small business ISP is expected to double its 1999 revenues in 12 to 18 months.
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