Internet stocks continued rising on Monday, following news of several
upgrades and stock splits. The Nasdaq Composite kept its hot streak alive, setting its 52nd record of 1999.
internet.com’s Internet Stock Index closed up 9.66 to 845.38, the Nasdaq
Composite added 37.93 to 3658.17 and the Dow Jones industrial average fell
32.11 to 11192.59.
SciQuest.com (SQST)
climbed 6-3/8 to 52. Banc of America Securities initiated coverage of the
B2B provider of scientific and laboratory products with a “buy” rating and a
$75 price target.
CMGI (CMGI)
bolted 17-9/16 higher to 211-5/8. CMGI’s majority owned, 1stUp.com announced
it has eclipsed the 1 million subscriber mark. 1stUp.com allows consumer
oriented businesses to provide its customers with free, advertising
supported, Internet access.
InterWorld Corp. (INTW)
rose 9-1/4 to 72-7/8. Barrington Research Associates initiated coverage of
the business-to-business software provider with a long-term “buy” and
a 12 month price target of $91.
BroadVision Inc. (BVSN)
rocketed 22-5/8 to 130. The maker of customer service software for Internet
businesses will join the Nasdaq 100 index on Dec. 20.
Foundry Networks (FDRY)
flew 26-1/4 higher to 304. The Internet equipment maker Monday announced a
2-for-1 stock split. Shares have risen 11-fold since going public in
September.
Whittman-Hart Inc. (WHIT)
plunged 24-3/4 to 54-1/2 after announcing it will buy USWeb/CKS Corp. for
$5.88 billion in stock. Whitman will pay about $68.55 a share for USWeb/CKS.
That represents a 35 percent premium from Friday’s close.
Investors should be preparing for a flood of IPOs set to hit the market this
week. Two highly anticipated issues are C-bridge Internet Solutions and
Infonet Services. Merrill Lynch is the lead underwriter for
data-communications company, Infonet Services, which did $173.2 million in
revenues for the six months ended Sept. 30.
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