Internet stocks staged an afternoon comeback Friday recovering from a
that had sent the ISDEX down almost 5 percent. For the first time in three
days, issues finished the
day in the green.
internet.com’s Internet Stock Index rebounded nicely, + 10.66, or 1.12
percent, to 960.23, the Nasdaq Composite jumped 114.71 higher to 4572.60 and
the Dow Jones industrial average lost 58.33 to 10921.92.
Merrill Lynch Internet analyst Henry Blodget came out again in favor of the
Net sector, saying he remains optimistic about the potential growth and
profitablitity of Internet leaders.
“We continue to believe there is long-term upside for the leading Internet
stocks. We also continue to
believe that the market is transitioning into a more mature phase of growth
and that this transition, combined with a massive increase in competition
across all internet sectors,
will cause a shakeout and consolidation. As this consolidation continues,
we believe the Internet spoils will increasingly go to the few, not the
many” Blodget wrote in a note to clients.
drkoop.com Inc. (KOOP)
plunged 2-9/16 lower, or 41 percent, to 3-11/16. A report from the online
medical site’s auditors, released Friday, expressed “substantial doubt”
about the firm’s long-term viability.
eBay Inc. (EBAY)
dropped 31-1/8 to 176. The online auctioneer was subpoenaed by the U.S.
Justice Department. Although the details of the action were not released, it
is suspected to be part of a price-fixing investigation into Sotheby’s
Holdings Inc. and Christie’s International Plc.
E.spire Communications Inc. (ESPI)
gave up 2-21/32 to 7-1/32. The provider of voice and data services Friday
announced it had hired Morgan Stanley Dean Witter to examine fund-raising
options. The firm is also delaying the release of its final 1999 financial
in the firm, which publishes a portal aimed at
Hispanics in the United States.
Subscribe to internet.com’s HotWatch, a monthly e-mail newsletter
featuring Internet Stock Report’s top 10 noteworthy Internet stocks for the
month. Each month you will receive in-depth analysis on the top 10 Internet
stocks to watch with the information you need to assess the fast-paced
nature of Internet stocks. Staying on top of market changes in the Internet
market is what counts. You receive 12 timely issues sent to
you by e-mail. Don’t wait, our next issue will be out before you know it
with a whole new perspective on the market. Sign up today at: e-newsle