Nasdaq Stages Strong Rally

Technology stocks were soaring in midday trading Friday as investors were coming back to the sector following a strong consumer price index report.

At noon Eastern, internet.com’s Internet Stock Index had gained 12.01, or 1.45 percent, to 838.087, the Nasdaq Composite had leaped 121.10 to 4,078.31 and the Dow Jones industrial average was up 135.58 to 11,718.01.

Among the leaders, strong gains were posted by Goto.com Inc. (GOTO), up 9-1/4 to 81, Infospace.com Inc. (INSP) had gained 7-13/16 to 121, Priceline.com Inc. (PCLN) was up 3-13/16 to 55-7/16 and Yahoo! Inc. (YHOO) had moved higher by 7-1/8 to 354.

Akamai Technologies Inc. (AKAM) had vaulted 15-5/32 to 247-31/32. The company reached a deal with PSINet Inc. (PSIX) to use its content delivery systems across the ISP’s network.

Juniper Networks Inc. (JNPR) had jumped 22-1/16 to 336-1/2. The maker of networking products was initiated by Lehman Brothers Friday with a “buy” rating. Analyst Timothy Luke expects the stock to hit $400 within a year.

TMP Worldwide Inc. (TMPW) had jumped another 21-7/16 to 145-15/16. Shares continued to benefit from this week’s announcement of a forthcoming 2-for-1 stock split.

SciQuest (SQST) was up another 6-1/8 to 69-3/8. The electronic exchange for scientific products Friday joined Oracle Corp.’s (ORCL) Oracle Supplier Network. The linkup will give the company access to almost 300 additional clients.

On the downside, [email protected] (ATHM) had fallen 1-7/8 to 40-11/16. Rumors are circulating that AT&T Corp. (T) may take control of the company. AT&T already is an [email protected] shareholder.

NetZero (NZRO) was off 1-5/8 to 30-7/16 after this week’s major run-up. The free ISP Thursday reached a four-year alliance with GM Corp. (GM). As part of the deal, Netzero will offer a co-branded version of its service that will be marketed by the automaker.


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