Nasdaq Ends the Week on a High Note
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Internet stocks rocketed higher in afternoon trading; internet.com's ISDEX was up almost 5 percent. Leading the charge were shares of Check Point Software, Inktomi, and VeriSign.
internet.com's Internet Stock Index was up 41.74, or 4.69 percent, to 932.24, the Nasdaq composite jumped 178.88 to 4,446.44, and the Dow Jones industrial average slipped 2.79 lower to 11,111.48.
Several analysts followed the lead of Merrill Lynch analyst Sofia Ghachem, who initiated coverage of Safeguard Scientifics (SFE) yesterday with a "near-term buy"/ "long-term buy" rating and $100 price target. Today, Prudential Securities upgraded the stock from "accumulate" to "strong buy" with a $94 price target. Lehman Brothers initiated with a "buy" rating and $100 price target. Deutsche Bank initiated coverage with a "strong buy" and $70 price target. Shares of SFE finished up 8-3/4 to 59-1/4.
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