RealTime IT News

Net Stocks Surge After Greenspan Speaks

Internet issues continued gaining momentum in afternoon trading despite comments from Fed chairman, Alan Greenspan that the economy shows no signs of slowing down. Investors shrugged off short-term interest rate hike worries and sent tech related indices higher.

internet.com's Internet Stock Index (ISDEX) was up 18.17, or 1.96 percent, to 945.15, the Nasdaq composite surged 121.25 higher to 4548.90 and the Dow Jones Industrial average lost 46.84 to 10514.57.

After a 500 percent debut last Friday, webMethods (WEBM) rocketed 79-3/4 higher to 300. WEBM is a B2B e-commerce infrastructure provider, allowing clients to do business online with their customers, suppliers and business partners.

Goldman Sachs analyst Tonia Pankopf upgraded CNET (CNET) on Thursday and added it to Goldman's "recommended for purchase list." Shares finished up 1-13/16 to 62-13/16.

PurchasePro.com (PPRO) finished down 3-7/16 to 129-13/16. 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) rose 18-1/8 to 128-3/8. 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 gained 4-9/16 to 145-1/4.

Salomon Smith Barney initiated coverage on eToys (ETYS) with an "outperform" rating and $20 price target. Shares added 1-7/8 to 15-1/2.

C-COR.net (CCBL) was up 7-7/16 to 33-7/8. 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 added 5 to 189-1/4.

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