Internets Enjoy Good Day As Nasdaq Continues Torrid Pace
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A number of deals and ratings upgrades was sending Internet shares higher in midday trading Thursday as technology shares continued their upward climb further into record territory.
At noon Eastern, internet.com's Internet Stock Index had gained 7.83, or 1.37 percent, to 579.99, the Nasdaq Composite was up 24.65 to 3,053.16 and the Dow Jones industrial average was up 61.17 to 10,670.23.
eBay Inc. (EBAY) had gained 3-1/16 to 130-1/8 after Friedman Billings Ramsey & Co. initiated coverage with a "buy" and set a $180 price target. Also, eBay executives recently filed to sell $243 million in stock.
Critical Path (CPTH) had jumped 6-1/4 to 57-3/4. In its second acquisition this week, the Internet messaging company bought The DocSpace Co. The DocSpace provides Web-based file storage and collaboration.
Covad (COVD) was up 11/16 to 44-7/8 and Northpoint Communications (NPNT) had gained 2-11/16 to 28-3/4. The Digital Subscriber Line providers Thursday reached deals with Yahoo! Inc. (YHOO) that will make Yahoo! the portal for their broadband services.
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