Despite a downgrade of Intel (INTC)
by a Merrill Lynch analyst and the fall in earnings from Dell (DELL)
, the Nasdaq and Internet issues were able to end the day on the
upside.
internet.com’s Internet Stock Index was up 20.80, or 3.40 percent to
631.89, the Nasdaq was up 23.57 to 3220.86, and the Dow Jones industrial
average was up 173.71 to 10769.01.
Hambrecht & Quist analyst Greg Smith said that online stock trading has
been “soaring” in November. On the news, the online brokerages rallied.
E*Trade (EGRP)
was up 3-5/8 to 36-9/16, Ameritrade (AMTD)
climbed 2-3/4 to 21-15/16, DLJ
Direct (DLJ)
rose 5 to 53-1/4 and Charles Schwab (SCH)
posted a gain of 4-1/4 to 41-3/16.
Red Hat (RHAT)
, a leading Linux provider, signed a deal with RSA Security (RSAS)
to use its security technology. RSA was up 2-3/16 to 40 and Red Hat
was down 1-11/16 to 101-13/16.
After plummeting more than 20 points earlier in the week, Juniper Networks (JNPR)
rose more than 25-5/16 to 287 by midday. The company competes with Cisco Systems, Inc. (CSCO)
in the router space. Cisco was down 5/16 to 83-7/16.
On the earnings front, online medical site Healtheon (HLTH)
posted a loss of $.23 per share, failing to meet analysts’ estimates
of a $.20 loss per share. Its stock dropped 5-3/8 to 37-1/16.
As for the Net leaders, America Online (AOL),
up 6-7/8 to 149-1/8, Doubleclick
(DCLK), which climbed 27-7/16 to 167-1/16, Real Networks (RNWK)
, up 8-1/2 to 137-1/2 and Ariba (ARBA)
, which rose 2-3/8 to 196-5/8.
Virtual Technology (VTCO)
surged 9/16 to 2-9/16. The online retailer signed a co-branded deal with
Lycos (LCOS). Lycos was up 2-1/2 to 58-13/16.
On the IPO front, Finisar (FNSR)
rocketed 67-7/8 to 86-7/8. The company is a leading provider of high-speed
optical technology for local area networks and storage area networks. The
lead underwriter was Merrill Lynch.
ALL NEW! internet.com’s HotWatch a monthly e-mail subscriptionfor $99,
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 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
