A number of alliances announced and positive comments from analysts sent
Internet issues higher on Thursday.
A report that retail sales surged at the
fastest rate since 1984 while inflation remains in check also played a major
role in the day’s success.
internet.com’s Internet Stock Index climbed 35.44, or 4.48 percent, to
826.07, the Nasdaq Composite rose 107.19 to 3957.21 and the Dow Jones
industrial average gained 31.33 to 11582.43.
Retail sales rose 8.9 percent in 1999 — the highest level since a 10
percent gain was recorded 15 years ago. Meanwhile, the producer price index
rose 0.3 percent last month, or 0.1 percent excluding food and energy. For
the year, the PPI rose only 0.9 percent, substantially off 1998’s climb of
jumped 7-1/8 to 32-1/16. The free dial-up Internet service provider
announced a 4-year strategic alliance with General Motors Corp.. GM will receive the
option to purchase up to 575,000 NetZero shares at $28.71 per share.
Commerce One (CMRC)
announced a joint venture with Shell to develop an online B2B marketplace
for the energy industry. The alliance will provide online procurement for
businesses invloved with oil, gas and chemicals. Shares of CMRC rose 17-5/16
Inktomi Corp. (INKT)
gained 14-11/16 to 102, Lycos Inc. (LCOS)
climbed 4-15/16 to 74-7/8, MP3.com Inc. (MPPP)
added 5/8 to 33-5/16, Network
Solutions Inc. (NSOL)
was up 6-1/8 to 226-15/16 and Verisign
moved up 15-37/64 to 176.
Cobalt Group Inc. (CBLT)
gained 2-3/16 to 21. The company, which provides Internet services to the
auto industry, sealed a deal with [email protected] Corp. (ATHM)
to integrate new car listings in the Excite portal.
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