RealTime IT News

Yahoo! Soars Ahead of S&P 500 Debut

Internet issues finished up higher again Tuesday on the eve of Yahoo's official entrance into the S&P 500, although blue chips weren't as lucky.

internet.com's Internet Stock Index finished up 33.58, or 4.42 percent, to 793.67, the Nasdaq Composite gained 40.83 to 3586.84 and the Dow Jones industrial average lost 118.36 to 11106.65.

Yahoo! (YHOO) shares rocketed 67-3/16 higher to 348. The leading business-to-consumer portal was added to the S&P 500 at today's close.

On the IPO front, E-Cruiter (ECRU) offered 2.45 million shares at $6 per share. Shares of the online job recruiting site surged 2-9/16 to 8-9/16.

InfoSpace.com (INSP) continued climbing, gaining 24-11/16 to 173-11/16. Paine Webber reiterated its "buy" rating on the stock and raised its price target from $150 to $265.

News Corp. (NWS) invested $1 billion in Healtheon/WebMD (HLTH) for a 10.8 percent stake in the online healthcare company. HLTH shares tacked on 15/16 to 46-7/16.

Akamai Technologies (AKAM) rose 9-1/4 to 226. JP Morgan initiated coverage with a "buy" rating and 18-month price target of $270.

WebHire Inc. (HIRE) saw its shares climb 4-1/14 to 14 after Adams Harkness raised its rating from an "accumulate" to a "strong buy." WebHire is an Application Service Provider (ASP) in the Internet recruiting marketplace. WebHire's B2B solutions are designed to help employers use the web to advertise job openings, attract and evaluate talent, and manage the hiring process.

HomeStore.com (HOMS) finished up 7-1/8 to 89-7/8. The online realty site launched a new portal, which combines Realtor.com with its other Internet properties.

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