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RealTime IT News

Market Prepares for Millennium

Internet issues were taking a breather in Thursday afternoon trading. Volume was light as investors looked forward to bringing in the new year.

By 12:45, internet.com's Internet Stock Index had fallen 9.10, or 1.05 percent, to 859.60, the Nasdaq Composite was up 12.10 to 4053.50 and the Dow Jones industrial average surged 40.68 higher to 11525.34.

Shares of Yahoo! Inc. (YHOO) were rising 11-5/16 to 415. Argus Research Corp. raised its 12-month price target from $385 to $550. Yahoo is set to announce earnings on Jan. 11 after the market closes.

CMGI (CMGI) , down 3-21/64 to 272-31/64. CMGI's majority owned, ad-supported free Internet access solutions company, 1stUp.com reported a 30 percent increase in the total hours consumers accessed its network during the month of December, as compared to November.

"Increasingly, consumers are dropping their fee-based Internet service providers for our affiliate-branded free offerings, like AltaVista Free Access...consumers are beginning to realize they no longer need to pay for an easy-to-use, complete dial-up Internet service offering" said Charles Katz, president and CEO of 1stUp.com.

Internet Capital Group (ICGE) rose 4-1/8 to 168-5/8. Steel maker Weirton Steel Corp. on Wednesday announced it had sold a portion of its stake in online steel commerce business MetalSite LP to ICGE for roughly $180 million.

Doubleclick (DCLK) was down 6-1/8 to 243 after soaring yesterday on DLJ analyst, Jamie Kiggen's "buy" rating and $300 price target.

VerticalNet (VERT) was down 1-3/4 to 163-7/8 and Commerce One (CMRC) was 3-15/16 lower to 206.


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