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.
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
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.
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!