Blue chip and technology shares continued to fall Friday, suffering from a “flight to quality” as investors were turning to bonds. However, damage to the ISDEX was minimal thanks to a few familiar names that were holding up the sector.
Just before noon, internet.com’s Internet Stock Index was off 0.11, or .02 percent, to 496.11, the Nasdaq Composite had slumped 54.61 to 2,695.22 and the Dow Jones industrial average was off 93.08 to 10,225.51.
On the positive side was Ariba Inc. (ARBA) up 8-19/32 to 159-7/8. The maker of online transaction processing software was rated a “buy” by CS First Boston which initiated coverage Friday.
Copper Mountain Networks Inc. (CMTN) had jumped 7-9/32 to 84-5/8. The high-speed Internet equipment maker was raised to a “strong buy” from “buy” by U.S. Bancorp Piper Jaffray. The firm set a $100 price target.
Real Network Inc. (RNWK) was off 6-1/2 to 93-1/4 even though Volpe Brown Whelan upgraded the company to “buy” from “neutral.”
America Online Inc. (AOL) had jumped 6-3/8 to 93-7/8. Volpe Brown Whelan reiterated its “strong buy” on the firm.
The other leaders were mixed, with Broadcom Corp. (BRCM) off 1/4 to 106-7/16, Broadvision Corp. (BVSN) was up 3/16 to 125, Yahoo! Inc. (YHOO) up 3-1/4 to 177, eBay Inc. (EBAY) had climbed 2-5/8 to 140-7/8 and Lycos Inc. (LCOS) up 1-3/16 to 44-9/16.
Inktomi Corp. (INKT) was off 2-1/2 to 128-1/2, Priceline.com (PCLN) had lost 1-1/16 to 64 and Verisign (VRSN) had lost 5-5/8 to 99-3/8.
CMGI Inc. (CMGI) was up 3-1/2 to 85-1/4. First Albany Friday upped its rating to “buy” from “accumulate” and set a $200 target.
EarthLink Network (ELNK) was up 2-3/4 to 45-1/8. First Union Friday upgraded the stock to a “buy” from “outperform.”
Merger partner MindSpring Enterprises (MSPG) had gained 1-7/16 to 28-13/16. Morgan Stanley upped its rating to “market outperform” from “neutral” and set a $38 target.
DoubleClick (DCLK) was up 2-5/16 to 114-1/16. Wit Capital’s Jordan Rohan initiated coverage of the Internet ad company with a “market outperform” rating.
The day’s IPOs were mixed. Online sweepstakes promotion company Webstakes.com (IWIN) was off 1-1/2 to 12-1/2. The company sold 3.575 million shares at $14. Bear Stearns, ING Barings, Thomas Weisel Partners and Wit Capital managed the offering.
Free Internet provider NetZero Inc. (NZRO) had vaulted 10-1/8 to 26-1/8. The company sold 10 million shares at $16. Goldman Sachs, Donaldson Lufkin Jenrette, Hambrecht & Quist and Wit Capital were the managing underwriters.
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