Yahoo! Earnings Give Internets Boost
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Internet stocks were getting a boost at midday Thursday due in large part to better-than-expected earnings from Yahoo! Inc. which was helping the sector to leave blue chips in the dust.
Just before noon, internet.com's Internet Stock Index had soared 23.84, or 4.23 percent, to 587.21, the Nasdaq Composite was up 25.17 to 2,882.38 and the Dow Jones industrial average had climbed 3.48 to 10,591.82.
Leading the way were shares of Yahoo! (YHOO) which had soared 14-11/16 to 190-7/16. The search engine reported a pro-forma third-quarter profit of 14 cents a share late Wednesday, trouncing analyst estimates of 9 cents.
Most other leaders were trading higher with Amazon.com Corp. (AMZN) up 5-1/2 to 87-15/16, Broadvision Corp. (BVSN) had climbed 5-1/4 to 166-1/4, Doubleclick (DCLK) had risen 4-1/2 to 134-3/4 and eBay Inc. (EBAY) was up 4-1/4 to 155-15/16.
Online brokers were also broadly higher. E*Trade Group Inc. (EGRP) was up 1-5/8 to 27-15/16, Ameritrade Holding Corp. (AMTD) was up 1-1/8 to 21 and National Discount Brokers Group Inc. (NDB) had gained 1-1/8 to 27-1/8.
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