Media Metrix Puts Tech Stocks in a Merry Mood
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A series of positive analyst comments and strong Media Metrix numbers had Internet issues flying higher in Tuesday's mid-day trading.
At midday, internet.com's Internet Stock Index had gained 17.35, or 2.09 percent, to 846.01, the Nasdaq Composite had jumped 28.94 to 3812.81 and the Dow Jones industrial average was off 27.83 to 11116.44.
Media Metrix came out with its monthly Web ratings; important at such early stages in the Internet's evolution, these numbers give Internet stocks a lot of their momentum.
According to the firm, total U.S. Web users increased 750,000 from 63.9 million in October to 64.6 million in November. The percentage growth is better than the past four months, which averaged 240,000 Web users.
More importantly, there was evidence of strong growth in average minutes and pageviews per user. These metrics have a large impact on advertising and e-commerce dollars. Once again, It seems Internet investors are riding the fourth quarter seasonal momentum that these Media Metrix numbers seem to reinforce.
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