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RealTime IT News

E-Tailers Wow Investors, Pushes Nasdaq to Record

Internet issues gained momentum in the afternoon, boosting the Nasdaq to yet another record high. Two leading portals grabbed investor's attention as holiday e-commerce numbers continued rolling in.

internet.com's Internet Stock Index surged 21.83 higher, or 2.58 percent, to 868.74, the Nasdaq Composite jumped 69.36 to 4041.47 and the Dow Jones industrial average rose 7.95 to 11484.66.

Shares of Yahoo! Inc. (YHOO) added 13-7/16 to 403-11/16. The portal announced that it has expanded its Yahoo! Shopping service to Yahoo!'s World properties in the UK & Ireland, France, Germany, Korea, Japan, and Australia & New Zealand, further growing its network of e-commerce services around the world.

Lycos Inc. (LCOS) gained 8-3/16 to 85. Deutsche Banc Alex Brown reiterated its "strong buy" rating on Lycos. The firm continues to believe the stock price will double within the next year.

Doubleclick (DCLK) zoomed 28-3/16 to 249-1/8. DLJ analyst Jamie Kiggen reiterated the online advertising agency a "buy" and slapped it with a new $300 price target.

CMGI (CMGI) , jumped 7-3/4 to 275-13/16. The holding company bought Equilibrium, an automation solution provider.

Shares of Real Networks (RNWK) added 7-3/16 to 132-7/8. Southwest Securities analyst Manuel Royo upgraded his rating to a "buy" and set a price target of $200.

MP3.com (MPPP) rose 9-3/4 to 35. The company bought event planner seeUthere.com for $162 million in stock.

Egghead.com (EGGS) matured 4-5/16 to 15-7/8. Egghead announced that it ranked among the top ten 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 27/32 to 6-1/32. 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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