A strong move upward from Amazon.com Inc. and a stellar debut from VA Linux were giving investors something to cheer about in midday trading Thursday, although the Internet sector as a whole was suffering through profit-taking as several high risers of late were taking a breather.
After 12:30 p.m. Eastern, internet.com’s Internet Stock Index was off 0.45, or 0.06 percent, to 796.16, the Nasdaq Composite was off 36.02 to 3,550.06 and the Dow Jones industrial average had gained 38.53 to 11,106.65.
Amazon.com Inc. (AMZN) had jumped 13-3/16 to 101-3/4. The online retailer was rated a “buy” by J.P. Morgan’s Thomas Wyman who initiated coverage Thursday. Wyman set a $160 price target.
Linux also continued to grab headlines ahead VA Linux Systems’ (LNUX) was soaring shortly after its debut, gaining 228-1/2 to 258-1/2. Shares were priced at $30 late Wednesday, ahead of the initial range of $11 to $13. Moving on the anticipation was Corel Corp. (CORL) soaring 12-1/4 to 40-9/16 and Red Hat (RHAT) had gained 2-1/4 to 273.
Other leaders moving higher included 24/7 Media (TFSM), up 4-3/8 to 56-1/2, Real Networks Inc. (RNWK) up 2-3/8 to 155-3/16, Yahoo! Inc. (YHOO) had gained 1-1/16 to 320-11/16, Excite@Home (ATHM) was up 1-3/8 to 44-3/8, CMGI Inc. (CMGI) had advanced 2-7/16 to 191-1/2 and Network Solutions (NSOL) was up 5-1/8 to 219.
Taking a pause from recent run-ups were Exodus Communications (EXDS) down 10-9/16 to 155, GoTo.com (GOTO) off 5-3/16 to 87, Infospace (INSP) down 16-11/16 to 153, eToys Inc. (ETYS) losing 4-7/8 to 48-1/4, Juniper Networks (JNPR) off 16-1/8 to 334 and Verio Inc. (VRIO) off 4-1/2 to 49-1/8.
Digital Island (ISLD) ran up another 16-1/16 to 131 after Wednesday’s 65 percent jump. The company Wednesday sealed a $150 million pact with Sun Microsystems (SUNW).
Internet Capital Group (ICGE) was up 8-3/4 to 222-1/16. The Internet holding company Thursday announced AT&T Corp. (T) was buy
ing a $50 million stake.
Online sports retailer Fogdog Inc. (FOGD) had rocketed 4-15/16 to 15-15/16 shortly after their debut. The company sold 6 million shares at $11 each, raising $66 million.
Lycos Inc. (LCOS) had gained 4-13/16 to 82. The search engine Thursday announced plans for a joint venture with Germany’s Bertelsmann AG.
Priceline.com Inc. (PCLN) was off 1-15/16 to 57-7/16. The “name-your-price” retailer Thursday sealed a marketing alliance with Preview Travel (PTVL) and Travelocity.com.
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