Net Stocks Regain Lost Ground
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Internet shares ended the week on a high note Friday, as a number of shares that have been battered heavily in recent sessions made a strong comeback.
internet.com's Internet Stock Index gained 25.94, or 3.46 percent, to 774.57, the Nasdaq Composite climbed 86.63 to 3,860.66 and the Dow Jones industrial average lost 154.19 to 10,733.91.
A number of leaders which have suffered through steep sell offs continued to gain ground. They included Broadcom Corp. (BRCM), up 1-5/8 to 172-3/8, Broadvision Inc. (BVSN), up 3-15/16 to 43-15/16, Doubleclick Inc. (DCLK), jumped 6-1/8 to 75-7/8 and Exodus Communications (EXDS) jumped 14-1/2 to 88-7/16.
Yahoo! Inc. (YHOO) ended up 5-5/16 to 130-1/4. 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.
Losers included MP3.com Inc. (MPPP), which plunged 4-5/8 to 7 after a federal court ruled Friday the company violated copyright law with the creation of its database in which users can store music and then access it via any computer connected to the Internet. At the heart of the dispute was Beam-It, software which allows users to listen to CDs over the Internet.