Market Gives Thanks One Day Early
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On the eve of Thanksgiving, all markets rallied, with Internet shares doing particularly well.
internet.com's Internet Stock Index jumped 23.80, or 3.39 percent, to 724.90, the Nasdaq Composite climbed 77.57 to 3,420.44 and the Dow Jones industrial average added 29.67 to 11,025.30. Wednesday is the last full session of the week as U.S. markets will take Thursday off for Thanksgiving. Friday will be an abbreviated session with trading ending at 1 p.m. EST.
Korea Thrunet Co. Ltd. (KOREA) climbed 5-13/16 to 39-5/16. Microsoft (MSFT) exercised its option to purchase another 6 percent of the Korean Internet service provider (ISP). Microsoft's stake is now 10.5 percent.
Speaking on Yahoo!, Merrill Lynch's Henry Blodgett, who met with executives on Tuesday, said business remains strong and the company's outlook remains bright.
Fatbrain.com (FATB) fell 2-5/8 to 33-1/8. The company posted a loss of 80 cents per share, compared to a 38 cent loss in the same quarter a year ago. Fatbrain.com beat the First Call estimates by two cents.
DoubleClick (DCLK) was up 1-5/16 to 174-5/16. The company got shareholder approval to merge with Abacus Direct, which maintains a database of 2 billion consumer profiles from catalog transactions. The deal is worth about $1.7 billion.
Internet Capital Group (ICGE) was off 4-5/8 to 165-1/2. The company announced plans for a secondary offering and a 2-for-1 stock split.
Sycamore Networks Inc. (SCMR) had gained 4-1/2 to 238-7/16. CS First Boston initiated coverage Wednesday with a "buy."
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