Nasdaq Tops 5,000 for First Time

Internet stocks zoomed higher as investors continued pouring money into the
business-to-business e-commerce and wireless sectors. VerticalNet was
a dominant factor in the NASDAQ’s close above 5,000.’s Internet Stock Index closed up 42.29, or 3.95 percent, to
1,111.96, the Nasdaq Composite soared 149.60 higher to 5046.86 and the Dow
Jones industrial average gained 154.20 to 10010.73.

Yesterday’s IPO stand-outs,Crayfish (CRFH)
and (IPRT)
remained hot. Shares of CRFH were up 6 to 132 and IPRT finished up 5-3/4 to

VerticalNet (VERT)
was up 24-17/64 to 277-49/64, Network Solutions Inc. (NSOL)
rocketed 71-1/16 higher to 494-1/2 and Doubleclick Inc. (DCLK)
jumped 12 to 116-3/4.

America Online Inc. (AOL)
was up 6-1/16 to 60-15/16 and AT&T Corp. (T) was
off 3/8 to 52-5/8. Bloomberg reported Thursday the two companies are in
partnership talks.

Also, CS First Boston’s Lise Buyer reiterated her “strong buy” on AOL,
saying the fundamentals of the company remain “very strong.”

rose 6-7/8 to 145-3/8. The Internet incubator is among those reporting
earnings Thursday. Analysts are forecasting a $1.28 loss compared to a
7-cent loss a year ago. (GOTO)
slipped 2-5/8 to 47-7/8. The search company Thursday purchased auction
listing aggregator
for about $175 million in stock. (Editor’s Note: is an
investor in AuctionRover)

Covad Communications (COVD)
was up 5 to 95-1/4. The DSL Internet provider Thursday purchased for $387 million in stock. LaserLink provides branded
broadband solutions to corporate customers.

NaviSite (NAVI)
rose 34-15/16 to 300-15/16. The application service provider Thursday
announced a 2-for-1 stock split.

Redback Networks (RBAK)
jumped 32-3/16 to 359-7/8. The company Thursday completed its acquisition of
Siara Systems and set a 2-for-1 stock split effective April 3.

Subscribe to’s HotWatch, a monthly e-mail newsletter
featuring Internet Stock Report’s top 10 noteworthy Internet stocks for the
month. Each month you will receive in-depth analysis on the top 10 Internet
stocks to watch with the information you need to assess the fast-paced
nature of Internet stocks. Staying on top of market changes in the Internet Stock
market is what counts. You receive 12 timely issues sent to
you by e-mail. Don’t wait, our next issue will be out before you know it
with a whole new perspective on the market. Sign up today at: e-newsletters

Get the Free Newsletter!

Subscribe to our newsletter.

Subscribe to Daily Tech Insider for top news, trends & analysis

News Around the Web