Internet stocks moved higher in midday trading as one leading Internet analyst was predicting a rush of money would again flow into the sector since recent price delines had made the issues more attractive.
Just before noon, internet.com’s Internet Stock Index was up 6.19, or 1.34 percent, to 468.02, the Nasdaq Composite was up 14.40 to 2,635.83 and the Dow Jones industrial average had jumped 74.40 to 11,038.24.
In a weekly note to investors, BancBoston Robertson Stephens Internet analyst Keith Benjamin, said many of his firm’s clients are once again willing to consider Internet stocks.
“In conversations with investors, we are being asked what to buy and when, rather than if they should buy Internet stocks. This signals to us that we will see a rush to buy within the next few weeks, just as we saw this time last year,” Benjamin wrote.
Among the stocks Benjamin expects to lead the Internet recovery are America Online Inc. (AOL) which had slumped 13/16 to 95-3/16, Yahoo! Inc. (YHOO), up 1-3/4 to 140-15/16 and Lycos Inc. (LCOS), gaining 1-1/16 to 42-3/4.
Benjamin also said Internet venture capital firm CMGI Inc. would be a good holding for investors who wanted to get in the sector with a safer play. CMGI (CMGI) had climbed 3/4 to 79-1/2.
Several other famous names were benefitting from the positive comments, including Broadvision Corp. (BVSN), climbing 3-3/16 to 95-3/4, eBay Inc. (EBAY), up 3-11/16 to 117-7/16 and Inktomi Corp. (INKT) up 3-3/8 to 112-9/16.
Portal Software (PRSF) had climbed 3-5/8 to 48-1/4. The company Thursday reported a fiscal second quarter loss of 1 cent a share, well ahead of analyst expectations of a 14-cent loss. Revenues climbed to $20.8 mllion, from $4.3 million a year ago.
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