Net Stocks Gain Late-Day Momentum
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Internet issues surged past mid-day levels after positive comments from industry analysts and a few earnings surprises.
internet.com's Internet Stock Index rocketed 32.33 higher, or 3.37 percent, to 991.92, the Nasdaq Composite gained 118.84 to 4696.69 and the Dow Jones industrial average added 89.66 to 10128.31.
Broadvision Inc. (BVSN) jumped 19-1/2 to 252-9/16, CMGI Inc. (CMGI) rose 13-3/16 to 129-9/16, Doubleclick Inc. (DCLK) added 1/4 to 88-13/16 and Juniper Networks (JNPR) surged 45-1/4 higher to 274-5/16.
National Discount Brokers Group Inc. (NDB) rose 14-1/8 to 45-1/8. The online brokerage Tuesday said it expects to substantially surpass Wall Street estimates for its fiscal third quarter. It expects operating earnings to range from 95 to $1.05 a share.
On the IPO front, Internet software company Niku Corp. (NIKU) more than doubled from its IPO price of 24 to close at 69. Goldman Sachs is its lead underwriter.
Avenue A Inc. (AVEA), an online advertising firm, also priced 5.25 million shares at 24 before closing at 72. The lead underwriter is Morgan Stanley.
Internet marketing company Net.Genesis Corp. (NTGX) saw its stock triple, from its 4.25-million-share offering at $18 to 56 13/16. Its lead underwriters are Chase H&Q and Deutsche Banc Alex. Brown.
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