RealTime IT News

Nets, Techs Post Strong Gains

Internet and technology shares posted strong gains on Thursday, and the Nasdaq closed just below its 200-day moving average.

The ISDEX gained 17 to 770, and the Nasdaq rose 79 to 3940. The S&P 500 rose 16 to 1496, and the Dow added 47 to 11,055 despite weakness in Hewlett-Packard, which fell despite beating estimates. Volume declined to 860 million shares on the NYSE, but rose slightly to 1.41 billion on the Nasdaq. Advancers led 15 to 12 on the NYSE and 21 to 18 on the Nasdaq. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our new after hours trading site.

Portal Software , weighed down all week by concerns about the company's earnings report, beat estimates after the bell by 2 cents with 3-cent earnings. The stock gained 5/16 to 56 7/16 in regular trading and rose to 60 after hours.

Fiber optics stocks were strong in Thursday's trading. Corning rose 12 9/16 to 289 1/2 on news of a 3-for-1 stock split. Ciena rose 15 15/16 to 179 3/16 after reporting earnings of 19 cents a share, 2 cents above estimates.

drkoop.com gained 25/64 to 1 3/16 on speculation that the company could find a buyer.

iXL gained 1 7/16 to 12 1/2 on news of an expanded partnership with BEA Systems .

Yahoo slipped 3 1/8 to 130 7/8 on a Prudential Accumulate rating and $155 price target. The firm said Yahoo has entered the second phase of its growth cycle, with good but slowing growth.

Telescan rose 1/8 to 5 1/4 on news that it will be acquired by GlobalNetFinancial.com , off 2 7/16 to 10 3/4, for 0.5 GLBN shares for each TSCN share.

In a sign of how times have changed for Net stocks, iTurf announced that it will rejoin parent company Delia's . iTurf, which fell 25/32 to 2 7/32 on the news, was spun off in April 1999 at $22 a share and traded as high as $66. For more on the story, click here.

Excite@Home rose 7/8 to 14 7/16 on news that Cablevision had dropped claims again the company.

Copper Mountain , off 4 1/2 to 62 3/8, continued to drop on concern that the company may lose a key Lucent contract, despite a report on CNBC that the rumors appear to be unfounded.

eBay continued to gain on CEO Meg Whitman's keynote address Monday night at Pacific Crest's E.Conference, rising 5 3/4 to 63 1/4. Whitman discussed the company's ambition to become a global trading platform. Weakness in European competitor QXL.com is also helping.

Ariba gained 5 1/16 to 142 1/2 despite a Sands Brothers downgrade to Buy from Strong Buy. The firm thinks Commerce One , up 7/16 to 49 1/8, will outperform Ariba in the short-term.

CYNET gained 9 cents to $1.1875 on news of a $2 million investment from Compaq.

Streamline.com slipped 1/64 to 5/8 a day after losing more than half its value on news that the company will need additional financing in the next few weeks to continue operations.

Kana Communications , up 1 7/8 to 39 7/8, continued to gain after recent alliances with IBM, Cisco and others.

Some technical comments on the market: The Nasdaq did it, but barely. The index gained more than 1% on rising volume on day 10 after its reversal, the last possible follow-through day. Nasdaq volume barely exceeded yesterday's total. The Dow and S&P also barely