After falling this morning, Internet stock staged a comeback.
internet.com’s Internet Stock Index rose 6.18, or 1.52 percent, to 411.46,
the Nasdaq Composite ended off 30.76 to 2,488.22 and the Dow Jones industrial average closed down 48.12 to 10659.58.
Online auctioneer eBay Inc. (EBAY) surged 9 5/8 to 89 1/4. The company hired a new high-technology officer to
deal with improving the company’s infrastructure. Also, Morgan Stanley
Dean Witter’s Mary Meeker reiterated her “outperform” rating. In a research
report, Meeker characterized eBay’s growth opportunities as “impressive”
and said she looks for notable fourth-quarter numbers.
The rally was broad-based, with Amazon.com
Inc. (AMZN) up 5 1/2 to 91,
CMGI Inc. (CMGI) increasing 2 15/16 to 76 3/16, Real
Networks Inc. (RNWK) adding 3 1/8 to 70 3/4 and
Yahoo Inc. (YHOO)
rising 6 5/16 to 127 1/2.
Stamps.com (STMP)
was up 1 7/16 to 33 1/8 following a big run-up on Monday. Stamps.com was
one of two companies to receive approval to begin offering Internet-based
postage services. On Tuesday, BancBoston Robertson Stephens reiterated its
“buy” rating on Stamps.com.
A recent IPO, online magazine Salon.com
(SALN)
plunged 1-7/8 to 6-7/8. The company, which reported first quarter results
late Monday, said revenues more than doubled. However, losses continue to
mount as it spends aggressive to build its business.
The company lost $16.1
million, or $10.10 a share, compared to a loss of $1.4 million or $3.75 a
share a year ago.
Razofish Inc. (RAZF)
was off 3-1/4 to 25. On Tuesday, the digital communications company
acquired i-Cube, a provider of electronic business services, for $677
million.
The health care portal site Healtheon Inc. (HLTH)
plunged 7 3/16 to 31-3/4. Today the company’s lock-up period expired, which
allows executives to sell their stock holdings.
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