RealTime IT News

Time Heals Net Stock Wounds

Internet issues staged a triumphant comeback Thursday afternoon as investors rallied behind a number of analyst upgrades and positive earnings results.

internet.com's Internet Stock Index shot up 17.66, or 1.83 percent, to 983.62, the Nasdaq Composite jumped 67.23 to 4617.56 and the Dow Jones industrial average fell 133.10 to 10092.63.

eGain Communications (EGAN) added 6 to 53-1/8. Stephens Inc. initiated coverage on the customer relationship management (CRM) company with a "buy" rating.

Digital Island Inc. (ISLD) matured 13/16 to 108-5/16. Merrill Lynch started coverage with a near-term accumulate/long-term buy rating.

Internet Capital Group (ICGE) slipped 1/4 to 119. The B2B holding company announced it will acquire a stake in eCredit.com for $450 million in ICGE stock.

Amazon.com Inc. (AMZN) lost 2 to 68-7/16, CMGI Inc. (CMGI) slipped 1-1/8 to 119-1/16, Cisco Systems Inc. (CSCO) dropped 1-3/8 to 137-1/4 and Yahoo! Inc. (YHOO) added 1-55/64 to 168-1/16.

America Online Inc. (AOL) rose 1-13/16 to 60-1/8 after CS First Boston upped its rating to a "strong buy" and set an $83 target.

Ariba Inc. (ARBA) rocketed 13-13/16 higher to 252-13/16. The electronic commerce software maker won a large order Thursday from Kraft Foods.

Priceline.com Inc. (PCLN) rose 4-7/8 to 56-3/4. The online supplier of airline tickets, hotel rooms, mortgages and groceries Thursday hired Heidi Miller away from Citigroup as its new chief financial officer.

GetThere.com (GTHR) was up 2-7/16 to 26-7/8. The supplier of Internet-based systems to travel providers reported a narrower-than-expected loss of 14 cents, 11 cents lower than analysts had forecast.

Egghead.com (EGGS) gave up 1-15/16 to 10-13/16. The online software retailer reported a fourth-quarter operating loss of $1.05, 5 cents better than expected.

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