Internet Shares Outpace Broader Market

Internet stocks were managing to hold onto gains in mid-session Friday outpacing the broader indices which were all lower.

Just before midday,’s Internet Stock Index was up 4.27, or .88 percent, to 489.90, the Nasdaq Composite had shed 2.41 to 2,541.74 and the Dow Jones industrial average was off 16.15 to 10,825.48. (GOTO) was the day’s big success story. The Internet directory’s shares had shot up 9 to 24 on their first day. The company sold 6 million shares at $15, raising $90 million.

Viant Corp. (VIAN) was also having a good debut. The company, which provides Internet consulting, design and professional services to corporations, had soared 10-1/16 to 26-1/16.

Continuing on the IPO front, Inc. (MAIL) had jumped 1-1/2 to 8-1/2. The e-mail messaging provider, whose clients include Time Warner, NBC and, sold 6.85 million shares at 7 raising almost $48 million. Inc. (PCLN) was up 4-5/8 to 93-9/16 as investors applauded the appointment of Daniel Schulman as the company’s president and chief operating officer. Schulman comes to from AT&T where he was chief of its consumer division.

Inktomi Corp. (INKT) was up 3-1/4 to 116-1/4 as the company continues its incredible rise. Shares have jumped 24 percent this week following the unveiling of a new search product.

Thomas Weisel Partners also initiated coverage of Inktomi with a “strong buy.”

Digital Subscriber Line provider Covad Communications Co. (COVD) was up 2-15/16 to 42-1/2. The company Friday announced plans for a secondary offering. Covad will sell 7.5 million shares at $38 each.

Finally, shares of CMGI Inc. (CMGI) had jumped 2-7/8 to 99-3/8. Earlier this week, CMGI said its investors would be able to get in on IPOs for companies in which it has invested.

ALL NEW!’s HotWatch a monthly e-mail subscription for $99,
featuring Internet Stock Report’s Steve Harmon, and his 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 Stock market is what counts. For $99 per year, 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-newsletters

News Around the Web