Internets Send Nasdaq Soaring
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Announcements of several pending stock splits together with bullish analyst recommendations were sending Internet stocks climbing in midday trading as the Nasdaq continued its record march.
Just after noon Eastern, internet.com's Internet Stock Index had jumped 11.98, or 1.81 percent, to 675.03, the Nasdaq Composite had climbed 40.86 to 3,310.25 and the Dow Jones industrial average was up 150.47 to 11,033.55.
A number of stocks were participating in the broad-based rally, including Commerce One (CMRC) up 22 to 332. The e-commerce solutions provider late Wednesday announced a 3-for-1 stock split that will take effect Dec. 23.
For its part, Yahoo! was up 3 to 209-3/16 after First Union initiated coverage with a "strong buy" and set a $240 price target.
AskJeeves Inc. (ASKJ) was up 10-13/16 to 181-13/16. The search engine was rated a "strong buy" by First Union Securities which initiated coverage Thursday. Analyst Carolyn Trabuco set a $230, 12-month price target.
Exodus Communications (EXDS) gained 3-3/4 to 107-1/4 after Friedman Billings Ramsey initiated coverage with a "buy" rating, setting a $140 target.
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