News that two technology leaders will soon join the Dow Jones industrial average was helping send the Nasdaq Composite higher Tuesday. In the Internet sector, deals and earnings news continued to dominate.
Just before noon, internet.com’s Internet Stock Index was up 5.03, or .91 percent, to 557.34, the Nasdaq Composite had jumped 39.19 to 2,855.14 and the Dow Jones industrial average had gained 39.90 to 10,389.93.
The Dow got a major facelift Tuesday with the announcement that technology heavyweights Microsoft Corp. (MSFT) and Intel Corp. (INTC) would join the 30-stock index. Also moving to the Dow are Home Depot and SBC Communications. Being removed are Sears Roebuck & Co., Chevron, Union Carbide and Goodyear Tire.
This marks the first time since the index’s 1896 creation that a stock outside the New York Stock Exchange will be a Dow Component. Both companies will continue to trade on the Nasdaq National Market. The changes will take effect Monday. The news had sent Microsoft up 2-1/16 to 94-1/2 and Intel had gained 2-9/16 to 73-13/16.
Several ISDEX members were having a good day, including Etoys Inc. (ETYS) gaining 4-3/4 to 77-1/4, Broadcom Corp. (BRCM) up 2-1/4 to 114-3/8, IXL Enterprises Inc. (IIXL) gained 2-7/16 to 46-5/16, Sportsline.com Inc. (SPLN) was up 2-5/16 to 34-1/8, Ticketmaster Online-CitySearch (TMCS) had climbed 2-7/16 to 22-7/8 and Xoom.com Inc. (XMCM) had gained 2-11/16 to 56-11/16.
Homestore.com Inc. (HOMS) had jumped 5-1/16 to 47-1/8 after Jamie Kiggen of Donaldson Lufkin & Jenrette raised his rating to “buy” from “market perform.” Kiggen also set a 12-month price target of $60.
Introducing Internet StockTracker, the new weekly e-mail newsletter from
internet.com Corp. Every Friday internet.com will deliver to your e-mail
in-box the latest performance data on individual Internet companies and
their competitors. Internet StockTracker will deliver to you all the
statistics you need to assess the week’s activity.
Subscribe today and receive the Charter Rate of $157 — a savings of
$70 off the regular subscription price! e-newsletters