Positive performance from a number of e-commerce plays was giving the ISDEX a boost midday Monday, helped by strong online holiday shopping numbers. The news wasn’t so good for the major indices which were broadly lower after a brief run-up following the opening bell. Analysts attributed the decline to a combination of profit-taking combined with interest rate worries.
At 11:45 a.m. Eastern, internet.com’s Internet Stock Index had jumped 11.88, or 1.29 percent, to 871.43, the Nasdaq Composite had dropped 29.73 to 4,039.58 and the Dow Jones industrial average had fallen 142.41 to 11,354.71.
A number of leaders had posted strong upward moves including CMGI Inc. (CMGI), soaring 32-1/8 to 309, Goto.com Inc. (GOTO) gaining 8-7/16 to 67-3/16 and Yahoo! Inc. (YHOO) was up 5-9/16 to 438-1/4.
A report from America Online Inc. (AOL) that its holiday shopping sales more than doubled to $2.5 billion in 1999 was helping e-commerce plays. Others moving higher included Amazon.com Inc. (AMZN), up 4-3/4 to 80-7/8, and e-commerce software and infrastructure providers Ariba Inc. (ARBA), up 11-5/8 to 189, and Broadvision Inc. (BVSN) up 13 to 183-1/16.
Other e-commerce stocks making strong moves were Lycos Inc. (LCOS) up 1-9/16 to 81-1/8 and Fogdog Inc. (FOGD), soaring 5-3/16 to 15-5/16. Thomas Wyman of J.P. Morgan Monday initiated coverage on Fogdog with a “buy” rating and a $25 price target.
Pacific Internet Ltd. (PCNTF) had soared 15-1/16 to 62. The Asian Internet company Monday announced plans to appoint an Israeli representative to find possible investment opportunities there.
Doubleclick Inc. (DCLK) was up 9/16 to 253-5/8. Morgan Stanley Dean Witter’s Michael Russell initiated coverage Monday with an “outperform” rating.
Finally, Radware Ltd. (RDWR) had jumped 8-1/8 to 51-1/4. The maker of Internet server software Monday said fourth-quarter revenue is expected to almost triple to $4.9 million. It also expects to report its first profit during the period.
Introducing Internet StockTracker, the new weekly e-mail newsletter from
internet.com Corp. Every Friday internet.com will deliver to your e-mail
in-box the latest performance data on individual Internet companies and
their competitors. Internet StockTracker will deliver to you all the
statistics you need to assess the week’s activity.
Subscribe today and receive the Charter Rate of $157 — a savings of
$70 off the regular subscription price!
e-newsletters