Investors rushed in to buy Internet and technology shares following steep sell-offs last week, convinced the companies are now more fairly valued.
internet.com’s Internet Stock Index jumped 36.66, or 5.85 percent, to 662.94, the Nasdaq Composite leaped 217.67 to 3,538.96 and the Dow Jones industrial average added 276.74 to 10,582.51.
Companies benefiting from the renewed enthusiasm included Broadcom Corp. (BRCM), up 26-5/16 to 148-9/16, Cisco Systems Inc. (CSCO), gaining 9-1/2 to 66-1/2, Go2Net Inc. (GNET) ended up 7-3/8 to 55-1/4 and Juniper Networks (JNPR) soared 14-1/2 to 172-9/16.
Other climbers included Network Solutions Inc. (NSOL) added 15-1/16 to 121, VerticalNet (VERT) added 5-5/8 to 33-5/8 and Versign Inc. (VRSN) climbed 12-61/64 to 110-3/4.
Exodus Communications Inc. (EXDS) leaped 18-15/16 to 104-1/2. The Web hosting firm teamed with Microsoft Corp. (MSFT) to make it easier for companies to use the Internet for mission-critical applications.
Net Perceptions Inc. (NETP) soared 5-1/2 to 15-3/4. The company, whose software personalizes e-commerce, was reiterated a “strong buy” by U.S. Bancorp Piper Jaffray’s Hany Nada.
CMGI Inc. (CMGI) jumped 12-15/16 to 65. The Internet incubator’s AltaVista unit was one of five companies that postponed planned IPOs in the wake of recent market turbulence.
Perficient Inc. (PRFT) wasn’t as lucky, losing 1-1/8 to 15-5/8. The Internet consultant warned Monday it will report a first-quarter loss.
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