Nasdaq Soars on Microsoft Strength
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The Nasdaq ended the day with its third-largest point gain, driven by blow-out earnings from Microsoft.
internet.com's Internet Stock Index was up 22.33, or 4.23 percent, to 550.26, the Dow Jones industrial average had climbed 187.43 to 10,314.47 and the Nasdaq Composite had jumped 99.94 to 2,788.12.
Movers included Excite@Home (ATHM) which had climbed 2-3/16 to 43-13/16. The company won an open-access battle in Miami and posted third-quarter profits in line with estimates. The company reported a pro-forma loss of 1 cent a share compared to a loss of $7.8 million, or 2 cents a share, a year ago.
Earthlink Network Inc. (ELNK) fell 1-1/6 to 41-11/16. Excluding mergers and acquisition charges, the company posted losses of 42 cents per share, which compared to First Call estimates of losses of 43 cents per share.
Most other leaders were higher, including Broadcom Corp. (BRCM) up 4-1/4 to 114, Broadvision Inc. (BVSN) up 23-3/4 to 181-3/4, CMGI Inc. (CMGI) up 5-1/2 to 102-1/2, Doubleclick Inc. (DCLK) had climbed 2-13/16 to 121-7/8 and eBay Inc. (EBAY) added 12-1/4 to 145-7/8.
Also moving higher were Etoys (ETYS) up 4-3/8 to 72, Inktomi Corp. (INKT) up 1-7/8 to 115-11/16, Network Solutions Inc. (NSOL) rising 3-5/8 to 88-3/4, Priceline.com Inc. (PCLN) up 1-13/16 to 66-1/2 and Xoom.com (XMCM) up 3-1/4 to 55-15/16.
One stock going against the grain was RealNetworks Inc. (RNWK) which lost 2-15/16 to 100-7/16 despite reporting better-than-expected earnings. Real earned $3 million, or 3 cents a diluted share, in the third quarter compared to $2.5 million or 4 cents a share, a year ago. Excluding one-time items, the company earned 5 cents a share, a penny above expectations.
MindSpring Enterprises Inc. (MSPG) was off 7/8 to 25-13/16. The company reported a third-quarter loss of $10.8 million, or 17 cents a share, compared with a profit of $4 million, or 8 cents a share, a year ago. MindSpring attributed the fall to increased marketing costs.
On the IPO front, Crossroads Systems Inc. (CRDS) surged 60-23/32 to 78-23/32. The company develops data storage systems for high-speed networks. The offering price was $18 per share and the company raised $67.5 million. The lead underwriter was SG Cowen.
On the IPO front, ZapMe! Corp. (IZAP) ended its first day off 1-1/2 to 9-1/2. The company is rolling out a high-speed network for schools across the US. The lead underwriter was Merrill Lynch . ZapMe!'s offering price was $11 and the company raised $99 million.
Sycamore Networks, which develops sophisticated software technology for fiber networks, increased the price range of its IPO from $18-$20 to $35-$37. The company intends to issue 6.5 million shares and the lead underwriter is Morgan Stanley.
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