On the eve of Thanksgiving, all markets rallied, with Internet shares doing
internet.com’s Internet Stock Index jumped 23.80, or 3.39 percent, to
724.90, the Nasdaq Composite climbed 77.57 to 3,420.44 and the Dow
Jones industrial average added 29.67 to 11,025.30. Wednesday is the
last full session of the week as U.S. markets will take Thursday off for
Thanksgiving. Friday will be an abbreviated session with trading ending at
1 p.m. EST.
Korea Thrunet Co. Ltd. (KOREA) climbed 5-13/16 to 39-5/16. Microsoft (MSFT)
exercised its option to purchase another 6 percent of the Korean
Internet service provider (ISP). Microsoft’s stake is now 10.5 percent.
Climbers included Ariba Inc. (ARBA),
up 4-1/8 to 196-7/8, Broadcom
which jumped 9-1/4 to 202, CMGI Inc.
which gained 6-1/16 to 143-5/8, eBay
up 11-15/16 to 179-1/2, MP3.com
Inc. (MPPP), which jumped 5-1/8 to 44-15/16 and Yahoo! Inc. (YHOO),
up 9-13/16 to 231.
Speaking on Yahoo!, Merrill Lynch’s Henry Blodgett, who met with executives
on Tuesday, said business remains strong and the company’s outlook remains bright.
fell 2-5/8 to 33-1/8. The company posted a loss of 80 cents per share,
compared to a 38 cent loss in the same quarter a year ago. Fatbrain.com
beat the First Call estimates by two cents.
was up 1-5/16 to 174-5/16. The company got shareholder approval to
merge with Abacus Direct, which maintains a database of 2 billion consumer
profiles from catalog transactions. The deal is worth about $1.7 billion.
Internet Capital Group (ICGE)
was off 4-5/8 to 165-1/2. The company announced plans for a secondary
offering and a 2-for-1 stock split.
Sycamore Networks Inc. (SCMR)
had gained 4-1/2 to 238-7/16. CS First Boston initiated coverage
Wednesday with a “buy.”
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