Internet Incubators Lead Sector Higher
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Internet issues took a breather for the most part on Wednesday, although incubators remained a hot commodity for investors. While Internet Capital Group flirted with a $50 billion market cap for most of the day, a Hong Kong based Internet incubator stole the show, rising 125 percent.
internet.com's Internet Stock Index gained 0.48, or 0.06 percent, to 872.34, the Nasdaq Composite jumped 26.15 to 3937.30 and the Dow Jones industrial average matured 3.06 to 11203.60.
Pacific Century Cyberworks (PCCLF) surged 1-11/16 higher, or 125 percent, to 3-3/64. Merrill Lynch, Hong Kong has a near-term/long-term "buy" rating on the stock. The Hong Kong based Internet Incubator, which owns a 4 percent stake in CMGI, traded on volume of 79 million shares.
NetRatings Inc. (NTRT) jumped 3-1/2 to 35-1/2. Nielsen Media Research Inc. Wednesday announced it was increasing its stake in the Internet measuring firm to 54 percent. It will pay $246 million in cash for the 43 percent it doesn't already own.
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