Net Stocks Fly High, Yahoo Enjoys Good Earnings
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Internet stocks and the entire market enjoyed a rise today as optimism replaced yesterday's hesitancy following the Fed's stance on interest rates.
internet.com's Internet Stock Index shot up 24.89 , or 4.62 percent, to 563.37, the Nasdaq Composite increased 57.42 to 2857.09, and the Dow Jones industrial average rose 187.75 to close at 10588.34.
Yahoo! (YHOO) released its earnings after the bell, beating the street by $.05 cents with earnings of $.14 per share. The portal powerhouse is seen as a representative of how well the Internet sector in general is performing. Its stock rose 2 7/16 to 175 3/4.
America Online, Inc. (AOL) and Lycos, Inc. (LCOS) also enjoyed big gains on news of their content agreement to provide Lycos users with AOL's Instant Messaging service. AOL was up 4 7/16 to 117 15/16 and Lycos jumped 7 5/8 to 64 1/8.
ATHM was also rated a "buy" by Warburg Dillion Read Inc., and is predicted to reach 65 within 12 months. It closed at 46 9/16, up 4 1/2.
PLCN was reinstated near-term "accumulate" and long-term "buy" by Merrill Lynch & Co. It closed up 8 1/2 to 72 3/4 on the news.
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