Internet investors finally had something to cheer about Friday. After a series of gut-wrenching downturns, bargain hunters were taking advantage of lower prices for market leaders. Among the areas posting strong gains were business-to-business and electronic commerce issues.
At noon Eastern, internet.com’s Internet Stock Index was up 25.62, or 3.30 percent, to 801.09, the Nasdaq Composite had jumped 61.69 to 3,788.82 and the Dow Jones industrial average had gained 141.79 to 11,395.05.
Leaders that had been battered on several occasions this week were getting a boost. CMGI Inc. (CMGI) was up 17-3/16 to 267-7/16, Doubleclick Inc. (DCLK) was up 17 to 216, Infospace Inc. (INSP) had gained 4-1/8 to 93-1/4 and Inktomi Corp. (INKT) was up 4-11/16 to 85-3/16.
Also gaining ground were Network Solutions Inc. (NSOL) up 8-11/16 to 206-5/8, Real Networks Inc. (RNWK) had gained 13-1/8 to 126-5/16, Verisign Inc. (VRSN) was up 11-1/2 to 166-5/8 and Yahoo! Inc. (YHOO) was up 14-31/32 to 383-5/32.
Business-to-business stocks moving up included Ariba Inc. (ARBA) up 14-5/8 to 164-3/4, Commerce One (CMRC) had gained 9-3/8 to 197-3/4, Purchase Pro (PPRO) was up 6-1/2 to 122-1/2 and Broadvision Inc. (BVSN) was up 9-3/8 to 138-5/8.
Wal-Mart Stores Inc. (WMT) was up 1-11/16 to 65-3/8. The retailer is teaming up with Accel Partners to form a separate company that will spearhead the company’s online efforts.
Digital River Inc. (DRIV) had gained 2-3/8 to 31-1/4. The Internet software retailer sealed a deal with Federated Department Stores to sell software through Fingerhut’s Web site.
Splitrock Services Inc. (SPLT) had jumped 4-3/4 to 26-7/8. The data networking company was purchased by McLeod USA Friday for $2.1 billion in stock.
Amazon.com Inc. (AMZN) had jumped 2-3/4 to 68-5/16. US Bancorp Piper Jaffray Friday initiated coverage at a “buy,” setting an $80 price target.
Finally, Fvc.com Inc. (FVCX) had plunged 1-15/16 to 9-5/8. The video conferencing product maker warned its fourth-quarter loss will be wider than expected. It is predicting a loss of 6 to 9 cents a share, muh higher than the penny analysts had forecast.
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