Internet issues rallied for a second straight day, following strong economic
data and a couple of Internet companies hitting the public market.
internet.com’s Internet Stock Index jumped 36.32, or 5.28 percent,
to 724.31, the Nasdaq Composite leaped 99.05 to 3452.76 and the Dow Jones
industrial average gained 40.67 to 11039.06.
Stocks were helped by a report that single-family homes in the United States
rose to record levels in the South, West and Midwest. The Commerce
Department reported new home sales jumped 16.3 percent in October to
986,000. That’s 100,000 more than economists were expecting. September’s
number was revised to a drop of 8.1 percent on sales of 848,000 units.
USinternetworking Inc. (USIX), a
leading application service provider (ASP), and Ariba Inc. (ARBA)
,announced a partnership that will create a B2B e-commerce application
targeting mid-to-large sized companies. Shares of USIX surged ahead 13-9/16
to 73-1/4. ARBA added 12-5/16, closing at 200-5/16.
Amazon.com Inc. (AMZN)
added 4-1/16 to 89-1/6. A federal judge ordered rival, Barnes&Noble.com (BNBN)
to not implement a feature similar to Amazon’s 1-Click until a lawsuit
Amazon filed is heard. 1-Click stores a user’s buying information so a
returning customer can buy items with one-click of a computer mouse. Shares
of BNBN fell 3/8 to 19.
TMP Worldwide Inc. (TMPW)
soared 32-1/16 to 127-1/16. The owner of the Monster.com job site
signed a four-year, $100 million deal with AOL to become the exclusive
career site on AOL’s network. Also, Paine Webber initiated coverage of TMP
Worldwide with a “buy.”
Internet consulting firms are hot ahead of Agency.com’s IPO. Agency raised
its offering price range from $10-$12 to $22-$24 on Thursday. Shares will
begin trading Friday.
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