Internet stocks continued with strong momentum, after positive comments from
leading analysts and a string of deals taking place on an unusually busy
Friday.
internet.com’s Internet Stock Index added 4.09, or 0.50 percent, to 820.22,
the Nasdaq Composite climbed 38.00 to 3753.06 while the Dow closed up 12.54
to 11257.43.
Internet Capital Group (ICGE)
surged 9-1/4 higher to 121-5/8. Lehman Brothers initiated coverage of the
B2B holding company with a “buy” rating and a 12-month price target of $200.
Internet Capital Group also benefited from yesterday’s sale of Tradex
Technologies to Ariba (ARBA)
for $1.86 billion. ICGE has a 10 percent interest in Tradex. (Editors note,
Join Reporter@Large’s Luke Fronefield, who recently spoke with Internet Capital Group’s CEO, Walter Buckley.)
Ariba Inc. (ARBA)
soared 18-5/8 to 256-1/8.
Shares of Red Hat (RHAT)
jumped 7-1/8 to 252-7/8. The linux service company will report earnings
before the market open on Monday. Analysts are expecting a loss of 3 cents a
share.
EarthWeb (EWBX)
rocketed 4-1/8 higher, or 11.19 percent, to 41 following the technology
hub’s successful Open Source software conference in New York.
Akamai Technologies (AKAM)
announced an agreement with CMGI Inc. (CMGI)
to provide service to the incubator’s network of Web sites. Shares of AKAM
rose 10-3/4 to 281-3/4. Akamai’s services improve a Web site’s speed and
reliability.
eToys (ETYS)
continued slumping despite the toy etailer announcing it has more than
doubled the number of cumulative customers to 1.5 million from 611,000 as of
Sep 30, 1999. Shares fell 2-3/8 to 37-9/16.
American depositary receipts of Korea
Thrunet (KOREA) lost 1-3/8 to 70-5/8. Lehman Brothers raised its near-term target by $30
to $130 a share after the South Korean ISP posted much better-than-expected
third-quarter results.
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