Internet Issues Regain Momentum
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Internet stocks fought back on Wednesday, after two straight days of negative returns. Positive news from Yahoo! lead the comeback.
internet.com's Internet Stock Index gained 12.26 to 687.99, the Nasdaq composite added 17.55, closing at 3353.71 and the Dow Jones Industrial Average rose 120.58 to 10998.39.
Ashford.com (ASFD) rose 2-1/4 to 20-1/4. Goldman Sachs raised its price target for the luxury goods etailer from $20 to $30, after a $10 million investment from Amazon.com Inc. (AMZN) on Wednesday. The shopping portal will now own 16.6 percent of ASFD.
Double Click (DCLK) surged 10-1/4 to 170-5/16. The online advertising company acquired Opt-In Email.com, a provider of e-mail marketing and list management. The buy comes on the heels of DoubleClick's launch of a new suite of e-mail applications.
Toy etailer, eToys (ETYS) , lost 4-1/16 to close at 160. In a note to clients, Merrill Lynch's Henry Blodget said leading e-commerce companies will most likely take a pause from their strong holiday run up as investors focus on first-quarter results and competitive pressures.
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