Busy Friday Leads to Strong Close for Net Stocks
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Internet stocks continued with strong momentum, after positive comments from leading analysts and a string of deals taking place on an unusually busy Friday.
internet.com's Internet Stock Index added 4.09, or 0.50 percent, to 820.22, the Nasdaq Composite climbed 38.00 to 3753.06 while the Dow closed up 12.54 to 11257.43.
Internet Capital Group (ICGE) surged 9-1/4 higher to 121-5/8. Lehman Brothers initiated coverage of the B2B holding company with a "buy" rating and a 12-month price target of $200. Internet Capital Group also benefited from yesterday's sale of Tradex Technologies to Ariba (ARBA) for $1.86 billion. ICGE has a 10 percent interest in Tradex. (Editors note, Join Reporter@Large's Luke Fronefield, who recently spoke with Internet Capital Group's CEO, Walter Buckley.)
Akamai Technologies (AKAM) announced an agreement with CMGI Inc. (CMGI) to provide service to the incubator's network of Web sites. Shares of AKAM rose 10-3/4 to 281-3/4. Akamai's services improve a Web site's speed and reliability.
eToys (ETYS) continued slumping despite the toy etailer announcing it has more than doubled the number of cumulative customers to 1.5 million from 611,000 as of Sep 30, 1999. Shares fell 2-3/8 to 37-9/16.
American depositary receipts of Korea Thrunet (KOREA) lost 1-3/8 to 70-5/8. Lehman Brothers raised its near-term target by $30 to $130 a share after the South Korean ISP posted much better-than-expected third-quarter results.
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