Technology stocks continued their upward march Thursday, setting their ninth record in 10 sessions. Internets didn’t share in the wealth, however, and ended mostly lower.
internet.com’s Internet Stock Index closed off 3.14, or 0.51 percent, to
611.09, the Nasdaq Composite jumped 41.26 to 3,197.22 and the Dow Jones
industrial average fell 2.44 to 10,595.30.
Chemdex (CMDX)
soared 16-1/2 to 73. The biosciences B2B company announced an
alliance with IBM to create a healthcare site.
InterVU Inc. (ITVU)
was up 12-9/16 to 76-1/8 after the Internet audio and video company
snagged a $20 million investment from the CNN News Group. The Time Warner
(TWX)
unit will give InterVU $20 million of its common stock in exchange for
three years of online advertising and television promotion.
ShowNow.com (SPNW)
was up 1/8 to 15-1/2. The company is acquiring
SpeedyClick Corp.com, an online community site for women. The price is $50
million.
Verisign Inc. (VRSN)
had jumped 2-3/4 to 155 on news the company’s board had approved a
2-for-1 stock split that will take effect Dec. 6.
Microsoft Corp. (MSFT)
had climbed 2-1/2 to 89-5/8. The company announced Thursday it was
making a $100 million investment in Radioshack.com, the consumer
electronics company’s online operation. Radio Shack is a unit of the Tandy Corp. (TAN)
whose shares had advanced 4-3/16 to 69-3/8 on the deal.
Several leaders were in the news as a number of analysts made ratings
adjustments. Broadcom Corp. (BRCM)
had jumped 11-3/8 to 180 after Merrill Lynch raised its price target
to $205 from $180.
Beyond.com Corp. (BYND)
had fallen 1-1/16 to 9-3/16. CS First Boston cuts its rating to a
“hold” from a “buy.”
Amazon.com Inc. (AMZN)
was up 1 to 73. Goldman Sachs initiated coverage of the e-tail giant
with a “market outperform.” The firm also predicted Amazon will achieve
profitability by 2002.
Quest Software (QSFT)
was up 2-1/4 to 66-3/8. The company, which develops enterprise
software applications, announced that it is purchasing Foglight Software,
which is a provider e-business application technology.
Red Hat Inc. (RHAT)
had gained 8-1/4 to 103-1/2. The company Thursday released the latest
version of its Linux operating system.
On the IPO front, SonicWALL (SNWL)
soared 12-1/16 to 26-1/16. The company provides secure Net access for
small and medium size businesses. The company raised $56 million and the
underwriter was Bear, Stearns & Co. Inc.
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