Internet Stocks On A Road To Nowhere

Followers of Internet stocks had little to get excited about Friday, as issues continued this week’s trend of narrow-range trading.’s Internet Stock Index lost 5.77, or 1.04 percent, to 550.79, the Nasdaq Composite dropped 21.44 to 2,520.79 and the Dow Jones industrial average shed 37.46 to 10,829.28.

Investors sent shares of Inc. (PCLN) up 4-9/16 to 138-15/16. Jamie Kiggen, Internet analyst at Donaldson Lufkin Jenrette, initiated coverage on with a “buy” rating. Kiggen also set a 12-month price target of $190 a share.

Kiggen estimates Priceline will rack up $253 million in sales in 1999 and $402 million in 2000.

eToys (ETYS), Thursday’s hot initial public offering, lost some of its luster on Friday. Shares dropped 8-1/16 to 68-1/2 after being as high as 79-1/2.

Healtheon Corp. (HLTH) gained 4-3/8 to 105, a day after announcing it would merge with WebMD Inc., creating an Internet company that will tie doctors with patients, suppliers and insurers.

Interactive ad agency Modem Media.Poppe Tyson Inc. (MMPT), added 4-1/8 to 28-3/8. Shares benefitted from a Business Week report which cited an unnamed analyst who predicted shares would soon head back to 45 — a mark not seen since its Feb. 5 initial public offering.

CNET Inc. (CNET) climbed 3-9/16 to 129-5/16, continuing to benefit from news that it will be added to the Nasdaq-100 next week. CNET will replace spicemaker McCormick & Co.

At Plan Inc. (APLN) rose 2 to 16 after rising as high as 18-1/2 in its first full day of trading. The company provides market research to Internet advertisers.

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