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RealTime IT News

Internet Issues Flying High as Nasdaq Crosses 4,000

Investors were eagerly snapping up shares of business-to-business Internet and infrastructure plays in midday trading as all sectors of the market were moving strongly higher.

At 12:30 p.m. Eastern, internet.com's Internet Stock Index had gained 19.99, or 2.25 percent, to 871.87, the Nasdaq Composite had jumped 29.04 to 4004.42 and the Dow Jones industrial average was up 80.20 to 11471.28.

Strong gainers included B2B plays Commerce One Inc. (CMRC) up 39-1/16 to 295-1/2, Ariba Inc. (ARBA) adding 19-3/16 to 201-15/16, Freemarkets Inc. (FMKT) climbing 23-7/16 to 292-1/2 and VerticalNet (VERT) rising 21-1/2 to 162-7/8.

Infrastructure movers included Juniper Networks (JNPR) + 27-1/16 to 374-1/2 and Sycamore Networks Inc. (SCMR) + 22-1/2 to 318.

Alloy Online (ALOY) had jumped 2-7/8 to 14-7/8. The online destination for Generation Y announced a record-breaking 1999 holiday shopping season. Total merchandise shipment value for December 1999 increased approximately 400 percent compared to December 1998.

Shares of Exodus Communications Inc. (EXDS) were up 4-7/16 to 88-3/4. Dain Rauscher Wessels increased its price target to $115.

eToys (ETYS) was rising 3-15/16 higher to 29-7/8. The toy etailer is rebounding after hitting an all-time low of 24-1/2 this morning. Investors are rallying behind the stock as it will report 75 percent of its total revenues in the current fourth quarter.


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