Nets Gain As Nasdaq Gives Up Ground
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Internet stocks slipped lower from their midday levels but still finished in the black despite Federal Reserve Chairman Alan Greenspan's ongoing concern over the economy's rapid pace at a morning speech at Boston College.
internet.com's Internet Stock Index jumped 19.68, or 1.88 percent, to 1,067.96, the Nasdaq Composite lost 9.94 to 4904.85 and the Dow Jones industrial average was off 199.80 to 10167.40.
"The stock is trading 50 percent below its high, in part as a result of the release of pre-IPO shareholder lock-ups, which will continue through April...the fundamental outlook continues to improve: we believe there is significant upside to our Q1 and 2000 revenue estimates...the company is still the industry leader in a big category, and we regard the stock as a core holding" wrote Blodget in a note to clients.
Internet Capital Group Inc. (ICGE) jumped 23-3/16 to 142-1/4. The company this week is holding the first analyst meeting since going public. Also, Robertson Stephens raised its rating on the Net incubator to "strong buy" from "buy," setting a $250, 18-month price target.
Shares of Freeserve PLC (FREE) plunged 25-3/4 to 130-5/8 on news that AltaVista has launched a free Internet service in the UK.
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