Buyers Continue Snapping Up Net Stocks
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Internet shares continued their winning ways Tuesday, buoyed another wave of buying as several sector leaders are set to report earnings after the closing bell.
At 11:45 a.m. Eastern, internet.com's Internet Stock Index had soared 43.11, or 6.50 percent, to 706.05, the Nasdaq Composite had gained 168.43 to 3,707.59 and the Dow Jones industrial average had gained 125.11 to 10,707.62.
Inktomi Corp. (INKT) had added 16-1/4 to 108-1/4. The firm, whose software optimizes Internet connections, reports later Tuesday. It is expected to lose 2 cents in its fiscal second quarter compared to a 7-cent loss a year ago.
One company falling on earnings news was Doubleclick Network Inc. (DCLK) down 4-11/32 to 55-15/32. The Internet ad firm lost $13.2 million, or 11 cents a share in its most recent quarter. That was in line with analyst estimates. Also, CS First Boston upgraded the stock to a "strong buy" from "buy" and set a $90 price target.
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