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
2.5 percent.
NetZero (NZRO)
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.
Venture Catalyst (VCAT)
added 2-1/8 to 8-1/4. The online incubator announced it is increasing its
investment in BuyIt.com (BUYT).
click2learn.com (CLKS) announced a joint venture with Softbank. The venture will introduce the
click2learn.com e-learning portal to the Japanese market. Shares of CLKS
rose 2-1/16 to 12-9/16.
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
to 173-7/8.
Shares of Netcentives (NCNT)
added 6-5/8 to 54-3/8. USB Piper Jaffray initiated coverage with a “strong
buy” and a price target of $65.
Among the leaders, Ariba Inc. (ARBA)
was up 5-13/16 to 178-11/16, CMGI Inc. (CMGI)
up 6-3/4 to 129-3/4, eBay Inc. (EBAY)
climbed 7-7/16 to 137-13/16 and Goto.com
Inc. (GOTO)
jumped 9 to 71-3/4.
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
Inc. (VRSN)
moved up 15-37/64 to 176.
Real Networks Inc. (RNWK)
jumped 26-1/4 to 152-1/2 after Deutsche Bank initiated coverage with a
“strong buy” rating and set a $250 price target.
Cobalt Group Inc. (CBLT)
gained 2-3/16 to 21. The company, which provides Internet services to the
auto industry, sealed a deal with Excite@Home Corp. (ATHM)
to integrate new car listings in the Excite portal.
SciQuest.com Inc. (SQST)
jumped 7-1/4 to 63-1/4 after the Internet-based retailer of lab equipment
sealed several new contracts.
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