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RealTime IT News

Rate Hike Can't Stop Soaring Stocks

Stocks continued their torrid pace Tuesday as all major indices rose despite a hike in interest rates.

internet.com's Internet Stock Index jumped 30.84, or 4.82 percent, to 670.63, the Nasdaq Composite climbed 73.53 to a record 3,293.07 and the Dow Jones industrial average leaped 171.58 to 10,932.33.

As widely expected, the Federal Reserve hiked the fed funds rate -- the rate banks charge each other for overnight loans to cover government-mandated asset requirements -- by a quarter point to 5.5 percent. Fed governors did lift their bias towards tightening which makes it less likely subsequent rate hikes will be implemented before year's end.

Amazon.com Inc. (AMZN) rose 5-7/16 to 78-15/16. In a 10-Q filing, the company indicated that it is close to profitability in its book division.

Stamps.com (STMP) surged 18-1/2 to 71-3/4. The company announced the establishment of a new subsidiary, called EncryptTix. The division will specialize in secure, authenticated online printing of tickets, vouchers and certificates, such as for the travel and financial industries. .

Esoft (ESFT) surged 9-3/8 to 17-1/2. The company, which develops software applications for Linux, received an investment from Intel (INTC) .

NetZero (NZRO) rose 3/4 to 25-1/4. The company purchased AimTV, which allows for full-motion broadcast of Net commercials.

E.piphany Inc. (EPNY) rose 45-1/4 to 157-3/4. The company, which focuses on online customer service, purchased RightPoint, which is a provider of customer communications tools.

As for the Net leaders, Yahoo! (YHOO) ended up 7-9/16 to 212-9/16, Priceline.com (PCLN) climbed 8-13/16 to 68-3/4, Doubleclick Inc. (DCLK) gained 7-9/16 to 163-9/16, Exodus Commuications (EXDS) closed up 15-11/16 to 108-9/16 and Go2Net Inc. (GNET) added 1-15/16 to 76-3/8.

Also climbing were Starmedia Network Inc. (STRM) up 5-1/4 to 37-1/2 and 24/7 Media (TFSM) up 4-5/8 to 55-3/4.

Juniper Networks (JNPR) soared 45 to 328-1/2 after announcing a 3-for-1 stock split.

Real Networks Inc. (RNWK) jumped 23-3/8 to 159-3/8. The company will join the Nasdaq 100 on Nov. 22.

American depositary receipts of China.com (CHINA) jumped 25-13/16 to 127 on news that the United States and China had signed a World Trade Organization pact making the Asian nation a WTO member. In the past Chinese officials had declared bans on overseas investments in Chinese Internet properties. The new deal will reportedly remove that concern.

On the IPO front, Quintus Corp. (QNTS) shot-up 37 to 55. The company is a leading provider of online customer service. The lead underwriter was Donaldson, Lufkin and Jenrette.


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