Upgrades Help Lift Markets
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Internet issues were climbing higher Wednesday afternoon amid several analyst upgrades and a shocking announcement from a premier Internet e-tailer.
By 12:30, internet.com's Internet Stock Index was rising 15.45, or 1.82 percent, to 862.36, the Nasdaq had jumped 36.84 to 4008.95 and The Dow Jones industrial average was up 47.71 to 11524.42.
Egghead.com (EGGS) , + 6-5/16, or 55 percent, to 17-7/8. Egghead announced that it ranked among the top 10 e-commerce sites for the week ending December 19, 1999 with 1.1 million estimated unique visitors.
Value America Inc. (VUSA) was down a fractional 5/8 to 6-1/4. The Internet retailer announced it will miss its earning's target this quarter due to a restructuring effort. The company has plans to lay off 47 percent of its work force as it consolidates facilities and takes other cost-saving initiatives.
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