RealTime IT News

Nets, Techs Eke Out Gain

Internet and technology stocks barely finished positive on Tuesday, held back by weakness in blue chip issues.

The ISDEX gained 5 to 752, and the Nasdaq added 2 to 3851. The S&P 500 fell 7 to 1484, while the Dow dropped 109 to 11,067. Volume rose about 10%, to 895 million on the NYSE and 1.35 billion on the Nasdaq. Decliners led 16 to 11 on the NYSE and 21 to 18 on the Nasdaq. Retailers were weak, and the price of oil rose to a 10-year high. The big economic report for the week is tomorrow's Consumer Price Index, which is expected to show a 0.1% gain and a 0.2% rise in the core CPI. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our new after hours trading site.

After the close, Lycos reported fourth quarter earnings of 12 cents a share, beating estimates by 4 cents. Revenues rose 89% to $87.9 million. But the stock slipped a point in after hours trading after losing 9/16 to 57 15/16 in the regular session. The company expects to merge with Terra Networks in October.

eBay bolted 3 25/32 to 51 31/32 after CEO Meg Whitman gave the keynote address Monday night at Pacific Crest's E.Conference.

Priceline.com gained 3/4 to 25 5/16. In an SEC filing, the company boosted its recently reported second-quarter fee-based revenues from $22.9 million to $25.7 million.

Critical Path gained 3 5/16 to 50 5/16 on positive comments from Wit SoundView and Lehman Brothers. The stock had sold off on concern about the pending Phone.com/Software.com merger.

Akamai gained 4 3/16 to 75 9/16 on a Robert W. Baird Outperform rating and $82 price target.

Register.com gained 1 13/16 to 15 3/4 on a Banc of America Strong Buy rating and $40 price target. The firm expects RCOM to become profitable in the fourth quarter.

Red Hat gained 2 5/16 to 24 1/8 on news of alliances with IBM and Motorola.

HearMe soared 2 23/32 to 6 31/32 after Qualcomm said it will integrate the company's voice communications technology in Qualcomm's Eudora e-mail technology.

pcOrder.com gained 3/4 to 5 5/8 on news of a million-share stock buyback.

Network Appliance beat estimates by a penny with 9-cent earnings, but the stock fell 5 13/16 to 84 15/16 on backlog concerns.

Sonus Networks gained 12 7/16 to 210 7/16 after announcing a 3-for-1 stock split.

Digital Think bolted 6 3/8 to 41 on a Goldman Sachs Trading Buy rating and $50 6-month price target.

USinternetworking gained 17/32 to 12 9/32 on a Lehman Brothers Buy rating. Interliant , which received an Outperform rating, slipped 1/4 to 14 7/8.

Verio gained 3/16 to 59 7/16 after beating estimates by a penny with a $1 per share loss. President Clinton has until Aug. 29 to sign off on the company's merger with Japan's NTT. The FBI signed off on the deal recently, but The Washington Post reported that federal officials still have some national security concerns about the deal.

i2 fell 6 3/4 to 147 7/8, negating yesterday's breakout above 150. The stock's advance was stopped by a higher resistance line at 155.

Value America continued to be halted at 23/32 after the online retailer filed for Chapter 11 bankruptcy. Nasdaq said it is waiting for more information from the company before reopening trading. The company is discontinuing its e-tailing operations and reducing staff, and will focus instead on its electronic services business. For more on the story, click