Light Volume Saps Excitement from Markets

There was little to get excited about at the midpoint of Monday’s trading, as volume was extremely low due in part to the Jewish holiday. Although the indexes were treading water, several stocks were posting nice gains following positive analyst comments.

Just before noon,’s Internet Stock Index was off 3.53, or .71 percent, to 491.86, the Nasdaq Composite was up .75 to 2,870.37 and the Dow Jones industrial average had fallen 13.61 to 10,790.02.

On the negative side, shares of eBay Inc. (EBAY) continued to fall, losing 8-1/4 to 132-3/4.

On Monday, FairMarket, Microsoft Corp. (MSFT), [email protected] Corp. (ATHM) and Ticketmaster Online-CitySearch (TMCS) officially announced a pact to create a new online auction service.

Two leaders were doing well on analyst upgrades. Yahoo! Inc. (YHOO) was up 1-7/8 to 165 and Inc. (PCLN) had leaped 5-11/16 to 63-15/16.

Sara Zeilstra of Warburg Dillon Read Monday raised her rating on Priceline to a “strong buy” from a “buy” and set a $125 12-month price target. Also, US Bancorp Piper Jaffray reiterated its “strong buy” on Yahoo!.

Among the other leaders, DoubleClick Inc. (DCLK) was up 5-5/8 to 121-7/8, Inc. (AMZN) was off 1/2 to 63-5/16 and America Online Inc. (AOL) had lost 2-1/2 to 83-1/2.

Inktomi Corp. (INKT) was off 1/2 to 130-11/16. The company Monday made a $20 million investment in InterNAP whose products are designed to more efficiently route mission-critical data over the Internet.

Razorfish Inc. (RAZF) had jumped 7-11/16 to 38-9/16. The Internet design company was raised to a “buy” from “outperform” by Lehman Brothers.

VeriSign Inc. (VRSN) was up 6-1/16 to 116-5/16 after Credit Suisse First Boston’s Todd Raker initiated coverage with a “buy” rating.

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