RealTime IT News

Stocks Inch Higher Thanks to Upgrades

Internet stocks were trading slightly higher in mid-day trading after a number of analyst upgrades and joint ventures were announced.

By 12:15 EST, internet.com's Internet Stock Index (ISDEX) was up 6.91, or 0.75 percent, to 933.89, the Nasdaq composite was adding 55.10 to 4482.75 and the Dow Jones Industrial average had fallen 59.56 to 10501.85.

PurchasePro.com (PPRO) was up 5-1/4 to 138-1/2. Robertson Stephens initiated coverage with a "buy" rating and $300 price target. Yesterday, First Boston initiated coverage with a "strong buy" rating and 12-month $205 price target.

724 Solutions Inc. (SVNX) had leapt 13-1/4 to 123-1/2. Banc of America initiated coverage with a "strong buy" and $175 price target.

eBay (EBAY) announced a joint venture with NEC Japan to create eBay Japan. NEC will take an equity stake in eBay Japan and promote the site through its BIGLOBE Internet Service Provider (ISP), personal computer products and offline marketing campaigns. Shares of EBAY were gaining 2-5/8 to 143-5/16.

Salomon Smith Barney initiated coverage on eToys (ETYS) with an "outperform" rating and $20 price target. Shares were adding 1-1/2 to 15-1/8.

C-COR.net (CCBL) was up 4-15/16 to 31-3/8. CE Unterberg Towbin initiated coverage with a "strong buy" and $52 price target.

Commerce One (CMRC) announced it will create a Web portal for Citigroup to help the bank's corporate customers exchange goods and services. CMRC shares were trading up 8-1/2 to 192-3/4.

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