Internet stocks continued higher Monday and the Nasdaq
finished with another record, thanks in part to a reversal in strategy by
AT&T Corp, which will enable more Internet providers to offer high-speed
internet.com’s Internet Stock Index jumped 23.78, or 3.23 percent, to
760.09, the Nasdaq Composite climbed 25.42 to 3546.05 and the Dow Jones
industrials fell 61.17 to 11225.01.
AT&T Corp. (T)
lost 3/16 to 56-13/16 and [email protected] (ATHM)
dropped 3-1/16 to 49. AT&T Monday said it will open its cable infrastructure
to other ISPs once its exclusivity contract with [email protected] expires in
surged 3-11/16 to 36 on news the ISP will be one of the first to offer
high-speed cable access to its customers.
rocketed 17-5/8 higher to 149. Merrill Lynch’s Henry Blodget and Sofia
Ghachem initiated coverage with a “accumulate/buy” rating and a 12-18 month
price objective of $160. “InfoSpace.com is the best-positioned player to
benefit from the growth in Internet marketing & sales infrastructure with an
addressable market opportunity of $100 billion by 2003” wrote Ghachem in a
note to clients.
Internet Communications (INCC)
gained 4-1/16, or 203 percent, to 6-1/16 after announcing late Friday that
it had created a cost effective solution for companies with multiple
locations to have DSL network connectivity.
Cheap Tickets Inc. (CTIX)
plunged 5-13/16 to 12-1/2 after the online discount travel site warned
fourth-quarter earnings will come in at 2 cents a share, 2 cents lower than
expected, due to airlines discounting published fares.
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