Net Stocks Soar Past Blue Chips
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While financial stocks continued to drag down the Dow, investors were warmly embracing Internet shares Friday following another round of better-than-expected earnings reports.
At noon Eastern, internet.com's Internet Stock Index had gained 22.56, or 3.01 percent, to 771.19, the Nasdaq Composite was up 50.75 to 3,824.78 and the Dow Jones industrial average was off 114.79 to 10,773.31.
A number of leaders which have suffered through steep sell offs continued to gain ground. They included Broadcom Corp. (BRCM), up 6-7/8 to 177-5/8, Broadvision Inc. (BVSN), up 2-7/16 to 42-7/16, Doubleclick Inc. (DCLK), jumping 6-1/8 to 75-7/8 and Exodus Communications (EXDS) had jumped 9-1/2 to 83-7/16.
Yahoo! Inc. (YHOO) was up 3-1/16 to 127-3/8. Media Metrix said the Web directory gained more new visitors over the past 12 months than any other Web property. The number of visitors to Yahoo!'s network jumped by more than 17 million.
Verio Inc. (VRIO) had jumped 6-3/4 to 35-3/4. The company, which provides Internet access and Web hosting to businesses, said sales grew 11 percent in its latest quarter. Revenue from Web hosting and other business-oriented services jumped 16 percent.
NetZero Inc. (NZRO) was up 3/4 to 12-13/16 after hitting 15-1/8 earlier in the session. The free Internet provider reported a third-quarter loss of 24 cents a share, excluding one-time items. That was 6 cents better than expected.
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