Strength in Internet stocks combined with positive sentiment throughout the technology sector spurred the Nasdaq Composite to its 12th record in 15 sessions Thursday.
internet.com’s Internet Stock Index jumped 17.22, or 2.60 percent, to
680.27, the Nasdaq Composite climbed 76.54 to 3,345.93 and the Dow Jones
industrial average closed up 152.61 to 11,035.70.
Commerce One (CMRC)
was up 14 to 324. The e-commerce solutions provider late Wednesday announced
a 3-for-1 stock split that will take effect Dec. 23.
For its part, Yahoo! closed up 7-11/16 to 213-7/8 after First Union initiated
coverage with a “strong buy” and set a $240 price target.
climbed 8-11/16 to 152-7/8. A study from KeyLabs shows that 7 out of 10
consumers prefer the sound quality of RealAudio versus Microsoft Media
Audio. Also, a study from PC Data shows that 80 percent of Web surfers use
AskJeeves Inc. (ASKJ)
added 1-3/4 to 172-3/4. The search engine was rated a “strong buy” by First
Union Securities which initiated coverage Thursday. Analyst Carolyn Trabuco
set a $230, 12-month price target.
Exodus Communications (EXDS)
gained 3-1/2 to 107 after Friedman Billings Ramsey initiated coverage with a
“buy” rating, setting a $140 target.
On the IPO front, Agilent Technologies
climbed 12-3/8 to 42-3/8. The company is a spin-off of Hewlett Packard (HWP)
and specializes in diagnostic measurement software for such industries as
communications, healthcare and semiconductors. Agilent raised about $2
billion and had Morgan Stanley as the underwriter.
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