RealTime IT News

ISDEX Jumps Almost 5 Percent in Standout Session

Internet stocks soared past midday trading levels following another day of stellar IPOs, news of analyst upgrades and stock splits from several sector leaders.

internet.com's Internet Stock Index (ISDEX) rose 47.78, or 4.78 percent, to 1,048.23, the Nasdaq Composite jumped 159.81 to 4914.32 and the Dow Jones industrial average gained 202.28 to 10367.20.

Register.com (RCOM) priced 5 million shares at $24 per share. Shares rose 33-1/2, or 139.58 percent, to 57-1/2.

The other IPO winner was AsiaInfo Holdings (ASIA). Shares rocketed 75-3/4 higher, or 315.63 percent, to 99-3/4. The company priced 4 million shares at $24 per share through lead underwriter Morgan Stanley Dean Witter.

Lycos (LCOS) gained 7-5/8 to 60. Merrill Lynch Senior Internet analyst, Henry Blodget had positive words for the online media network. "We are reiterating our "buy" rating on Lycos and our 12-month price objective of $100...Lycos remains one of only a handful of profitable Internet companies. ..EPS should grow better than 200% for at least two years...valuation is attractive by any standards, not to mention Internet standards" wrote Blodget in a note to clients.

Ariba Inc. (ARBA) zoomed 28-5/16 higher to 328. The company announced plans for a 2-for-1 stock split Friday.

Exodus Communications Inc. (EXDS) gained 10-9/16 to 158. The Web hosting company also announced a 2-for-1 stock split and CS First Boston initiated coverage with a "buy."

Global Crossing Ltd. (GBLX) added 2 to 56-3/8. 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.

Verio Inc. (VRIO) was up 4-19/32 to 69-9/32. The business Internet provider was initiated by CS First Boston with a "buy" rating.

EarthLink Network Inc. (ELNK) matured 1-1/2 to 24-13/16. CS First Boston initiated coverage with a "buy."

Broadvision Inc. (BVSN) gained 10-7/8 to 259-3/8. Donaldson Lufkin Jenrette initiated coverage of the electronic commerce firm with a "buy."

Despite its recent privacy flap, Doubleclick Inc. (DCLK) rose 14-1/8 to 97-9/16. ING Barings initiated coverage with a "strong buy."

Healtheon/WebMD Corp. (HLTH) lost 6-3/8 to 52-1/8. 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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