Holiday Enthusiasm, Deals Push Nasdaq Further Into Record Territory
Page 1 of 1
Bullish comments from Morgan Stanley Dean Witter's Mary Meeker and a number of deals were getting Internet stocks off to a solid start Monday.
At noon Eastern, internet.com's Internet Stock Index had gained 9.66, or 1.18 percent, to 829.88, the Nasdaq Composite had jumped 33.75 to 3,786.81 after briefly crossing 3,800 earlier in the session, and the Dow Jones industrial average was off 48.40 to 11,209.03.
Gainers included Amazon.com Inc. (AMZN) up 4 to 98-1/16. Meeker, in an interview with Barron's, predicted stronger-than-expected holiday shopping would benefit the e-tail giant. She said the company's sales could approach $1 billion.
CMGI Inc. (CMGI) had jumped 9-5/8 to 221-7/16. The Internet incubator's AltaVista portal has filed to raise up to $300 million in an initial public offering. CMGI also filed with the SEC to sell up to $1 billion in securities.
InterVU Inc. (ITVU) had zoomed up 30-1/2 to 118-1/2. Microsoft Corp. (MSFT) Monday invested $30 million in the company, which works with businesses to help them stream audio and video over the Internet.
Modem Media.Poppe Tyson Inc. (MMPT) was unchanged at 65-3/4. The company Monday bought privately-held vivid studios, an Internet consulting firm which works with start-ups, for $64 million in stock and cash.
This will be a holiday-shortened week for U.S. markets. All U.S. markets will be closed on Friday in observance of Christmas, with a full trading schedule resuming Dec. 27.
Introducing Internet StockTracker, the new weekly e-mail newsletter from internet.com Corp. Every Friday internet.com will deliver to your e-mail in-box the latest performance data on individual Internet companies and their competitors. Internet StockTracker will deliver to you all the statistics you need to assess the week's activity. Subscribe today and receive the Charter Rate of $157 -- a savings of $70 off the regular subscription price! e-newsletters