RealTime IT News

Internet Issues Regain Momentum

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.

Yahoo! (YHOO) jumped 10-1/8 to 228-7/8. The company will join the S&P 500 on Dec. 7, replacing Canadian conglomerate Laidlaw.

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.

PurchasePro.com (PPRO) , a provider of B2B e-commerce services, Wednesday sealed an alliance with business information company, Advanstar Inc. The alliance will allow the companies to create 20 vertical communities serving Advanstar's more than three million business customers. Shares of PPRO gained 10 to 155.

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.

eBay (EBAY) was another loser on Wednesday after Salomon Smith Barney analyst, Holly Becker, started coverage of the consumer auction company with a "neutral" rating. Shares fell 5-1/16 to 160.

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