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 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.
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.
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