Stock Splits, Analysts Send Nets on Tear
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Internet stocks had risen almost 4 percent in midday trading Friday as the sector was getting a big boost from news of analyst upgrades and stock splits from several sector leaders.
Also, U.S. markets were cheering news that U.S. businesses added only 43,000 jobs in February. The lower-than-expected increase gives market watchers less reason to worry about inflationary pressures. Overall, the U.S. jobless rate stood at 4.1 percent in February, up slightly from January's 30-year low of 4 percent.
At 11:45 a.m. Eastern, internet.com's Internet Stock Index had soared 37.90, or 3.79 percent, to 1,038.95, the Nasdaq Composite had leaped 122.74 to 4,877.25 and the Dow Jones industrial average was up 226.79 to 10,391.71.
Global Crossing Ltd. (GBLX) had risen 3-7/16 to 57-13/16. The provider of voice and data communications Friday named Leo Hindery its new chief executive. Hindery replaces Bob Annunziata who will remain on the company's board.
Healtheon/WebMD Corp. (HLTH) was off 3-5/8 to 54-7/8. The company reported a fourth-quarter loss of $1.98 a share compared to a 34-cent loss a year ago.
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