The broader markets continued their losses today. However, Internet shares
finished strong.
internet.com’s Internet Stock Index was up 16.95, or 3.42 percent, to
513.17, the Nasdaq Composite fell 8.94 to 2,740.89 and the Dow Jones
industrial average was off 36.41 to 10,282.18.
America Online Inc. (AOL)
had jumped 9-5/8 to 97-1/8. Volpe Brown Whelan reiterated its “strong buy”
on the firm. Also, an analyst with William Blair & Co. upgraded AOL’s
rating from “long-term buy” to “strong buy.”
Ariba Inc. (ARBA)
soared 25-23/32 to 177. The maker of online business-to-business
transaction processing software was rated a “buy” by CS First Boston which
initiated coverage Friday.
MP3.com (MPPP)
surged 9-1/2 to 44-9/16. The company announced a deal for
RealNetwork’s RealJukebox Users to access MP3.com content. Also, SoundView
Technology placed a “Buy” rating on MP3.com.
Real Networks Inc. (RNWK)
was off 11/16 to 99-1/16. Although, Volpe Brown Whelan upgraded the
company to “buy” from “neutral.”
Engage Technologies (ENGA)
was off 3 to 30. The company develops Web marketing technology and is
a division of CMGI. Engage today announced a deal to purchase privately-held
AdKnowledge for $193 million.
CMGI Inc. (CMGI)
was up 3-1/16 to 84-13/16. First Albany Friday upped its rating to
“buy” from “accumulate” and set a $200 target.
As for the Net leaders, VeriSign (VRSN)
was off 2-7/8 to 102-1/8, Broadvision Corp. (BVSN)
was up 5-1/16 to 129-7/8, Yahoo!
Inc. (YHOO)
was up 9-9/16 to 183-5/16, eBay Inc. (EBAY)
climbed 7-13/16 to 146-1/16 and Juniper Networks (JNPR)
was up 16 to 198-15/16.
EarthLink Network (ELNK)
was up 2-3/4 to 45-1/8. First Union Friday upgraded the stock to a
“buy” from “outperform.”
Merger partner MindSpring
Enterprises (MSPG)
had gained 5-3/16 to 47-9/16. Morgan Stanley upped its rating to
“market outperform” from “neutral” and set a $38 target.
Security First Technologies (SONE)
was down 1/2 to 37-7/8. The online Net bank technology company
purchased privately-held VerticalOne for $166 million.
DoubleClick (DCLK)
was up 5 to 116-3/4. Wit Capital’s Jordan Rohan initiated coverage of
the Internet ad company with a “market outperform” rating.
On the IPO front, online sweepstakes promotion company Webstakes.com (IWIN)
was off 2-1/2 to 11-1/2. The company sold 3.575 million shares at $14.
Bear Stearns, ING Barings, Thomas Weisel Partners and Wit Capital managed
the offering.
Free Internet provider NetZero Inc. (NZRO)
had vaulted 13-1/8 to 29-1/8. The company sold 10 million shares at
$16. Goldman Sachs, Donaldson Lufkin Jenrette, Hambrecht & Quist and Wit
Capital were the managing underwriters.
Interspeed Inc. (ISPD)
rose 6-5/16 to 18-5/16. The company provides high-speed Net access
using copper wire telecom networks. The lead underwriter was US Bancorp
Piper Jaffray, Inc.
Alteon WebSystems Inc. (ATON)
soared 55-15/16 to 74-15/16. The company develops technology that
increases the performance of computer networks. Lehman Brothers was the
lead underwriter.
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