Net Stocks Lead The Way

By Paul Shread | October 31, 2000
Page 1 of 2

Share this Article

Technorati

FriendFeed

Print this Article

Email this Article

It seemed like old times on Tuesday, as a 7% gain in Internet stocks led the market higher.

The ISDEX soared 39 to 605, and the Nasdaq surged 152 to 3344. The S&P 500 climbed 21 to 1419, and the Dow rose 67 to 10,903. Volume surged to 594 million shares on the NYSE and 920 million on the Nasdaq. Advancers led by 15 to 10 on the NYSE and 23 to 13 on the Nasdaq. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.

Terra Lycos , the entity formed by the merger of Terra Networks and Lycos, began trading under its new stock symbol, TRLY. The stock was unchanged at 23 15/16.

Internet infrastructure leaders repaired yesterday's technical damage. Cisco Systems gained 3 1/2 to 51 9/16 to recover above the critical $50 level. Cisco reports earnings Nov. 6. JDS Uniphase soared 8 11/16 to 80. Juniper Networks surged 22 5/16 to 188 11/16; a close above 180 would negate the stock's breakdown yesterday out of a broadening top. F5 Networks gained 4 1/8 to 31 3/8 on a First Union Strong Buy.

Expedia soared 4 1/4 to 13 5/16 after blowing away estimates by 22 cents with a 4-cent loss. StarMedia rose 1 to 6 1/4 after beating estimates by 9 cents with a 48-cent loss. eToys tacked on 1/8 to 3 7/8 after beating estimates by 2 cents with a 33-cent loss. The company said it expects to breakeven in 2002.

internet.com , publisher of this Web site, gained 1 3/16 to 20 15/16 after the company's 4-cent earnings beat estimates by a penny. barnesandnoble.com lost 1/8 to 4 1/8 after matching estimates with a 25-cent loss. iXL Enterprises slipped 1/8 to 2 17/32 after missing estimates of a 14-cent loss by 55 cents. EarthLink was unchanged at 6 3/4 after beating estimates by 4 cents with a 33-cent loss. Beyond.com added 3/32 to 3/4 after receiving a commitment for up to $40 million in private equity financing.

I-many bolted 2 15/16 to 18 11/16 after beating estimates by a dime with a 12-cent loss. AvantGo lost 1 3/16 to 9 13/16 after matching estimates with a 70-cent loss. Data Return gained 1/4 to 10 3/16 after missing estimates by 3 cents with a 35-cent loss. Mainspring , up 1/2 to 6 1/2, beat estimates by a nickel with a 19-cent loss.

Some technical comments on the market: Note: We are now including charts with the technical market commentary; just click on the links in the story below to go to them. If you have trouble accessing the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html

A lot to like today, and the indexes are all rallying together for once. The Dow is above 10,900, above the 10,850-10,900 level that short-circuited its rally in September, and above the highest point we can call the apex of the broken bearish diamond pattern. A close above 10,900 would make the old industrials look pretty good. However, the Dow, like the S&P 500 and ISDEX, could be forming a bear flag here. Still, the market looks good, but with a couple of signs that could still be interpreted as worrisome.

The Nasdaq could be forming a small

1 2 Next page >>