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RealTime IT News

Internet Stocks Continue Gains

Despite a downgrade of Intel (INTC) by a Merrill Lynch analyst and the fall in earnings from Dell (DELL) , the Nasdaq and Internet issues were able to end the day on the upside.

internet.com's Internet Stock Index was up 20.80, or 3.40 percent to 631.89, the Nasdaq was up 23.57 to 3220.86, and the Dow Jones industrial average was up 173.71 to 10769.01.

Hambrecht & Quist analyst Greg Smith said that online stock trading has been "soaring" in November. On the news, the online brokerages rallied. E*Trade (EGRP) was up 3-5/8 to 36-9/16, Ameritrade (AMTD) climbed 2-3/4 to 21-15/16, DLJ Direct (DLJ) rose 5 to 53-1/4 and Charles Schwab (SCH) posted a gain of 4-1/4 to 41-3/16.

Red Hat (RHAT) , a leading Linux provider, signed a deal with RSA Security (RSAS) to use its security technology. RSA was up 2-3/16 to 40 and Red Hat was down 1-11/16 to 101-13/16.

After plummeting more than 20 points earlier in the week, Juniper Networks (JNPR) rose more than 25-5/16 to 287 by midday. The company competes with Cisco Systems, Inc. (CSCO) in the router space. Cisco was down 5/16 to 83-7/16.

On the earnings front, online medical site Healtheon (HLTH) posted a loss of $.23 per share, failing to meet analysts' estimates of a $.20 loss per share. Its stock dropped 5-3/8 to 37-1/16.

As for the Net leaders, America Online (AOL), up 6-7/8 to 149-1/8, Doubleclick (DCLK), which climbed 27-7/16 to 167-1/16, Real Networks (RNWK) , up 8-1/2 to 137-1/2 and Ariba (ARBA) , which rose 2-3/8 to 196-5/8.

Virtual Technology (VTCO) surged 9/16 to 2-9/16. The online retailer signed a co-branded deal with Lycos (LCOS). Lycos was up 2-1/2 to 58-13/16.

On the IPO front, Finisar (FNSR) rocketed 67-7/8 to 86-7/8. The company is a leading provider of high-speed optical technology for local area networks and storage area networks. The lead underwriter was Merrill Lynch.


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