RealTime IT News

'Nets Lead The Way Higher

It was just like 1999, sort of, in the stock market on Thursday, as Internet stocks led a modest bounce higher.

The Nasdaq rebounded 8 to 1365, the S&P 500 climbed 5 to 871, and the Dow rose 23 to 8221. Volume declined to 1.24 billion shares on the NYSE, and 1.25 billion on the Nasdaq. Advancers led 18-13 on the NYSE, and 15-14 on the Nasdaq. Upside volume was 60% on the NYSE, and 66% on the Nasdaq. New highs-new lows were 67-25 on the NYSE, and 70-39 on the Nasdaq.

After the close, RSA and Juniper beat estimates, Powerwave missed earnings but beat revenues, and Foundry raised guidance.

During the day, Yahoo surged 6% after beating and raising estimates.

DoubleClick surged 12% on Yahoo's earnings and a deal with Terra Lycos .

Hotels.com soared 19% on news that USA Interactive plans to acquire the rest of the company.

However, in one sign that all is not right with IT spending, Network Associates plunged 19% on a warning that stunned analysts.

And Nokia lost 2% on news that it plans to cut 10% of its networking division.

Ciena fell 2.6% on an acquisition.

Sonus surged 24% after beating estimates. Applied Micro climbed 2% on massive layoffs, and Sprint slipped 0.8% after the company's COO resigned.

Oracle climbed 1.8% on a positive analyst report.

Cypress rose 2.8% after acquiring inventory from Micron .

Intel , up 1.2%, plans a new wireless flash memory chip. Intersil edged higher after introducing a new wireless system-on-a-chip.

And lo and behold, a tech company announced plans to brave the IPO waters.

Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at: