Markets were holding off today in anticipation of the producer prices data
that will be released tomorrow morning.
internet.com’s Internet Stock Index was up 13.88, or 2.83 percent, to
504.51, the Nasdaq Composite had jumped 41.84 to 2,850.58 and the Dow Jones
industrial average had climbed 39.89 to 11,076.23.
A variety of analyst reports boosted Net stocks.
John Segrich of CIBC World Markets initiated coverage with a “strong buy”
on eBay Inc. (EBAY)
. The stock surged 8-11/16 to 144-7/16. He predicted a price target of
$180 in the next 12 months.
Segrich also initiated coverage on Yahoo!
Inc. (YHOO)
, which shot up 9-1/4 to 162-11/16, America Online Inc. (AOL)
up 2-5/32 to 96-5/32 and Amazon.com
Inc., (AMZN)
up 2-3/16 to 63-5/8.
Although, today Amazon.com announced that the chief of its British
operations left to pursue other interests.
Starmedia Network Inc. (STRM)
gained 5-1/16 to 45-3/8. The company announced a deal in which
Hewlett-Packard will provide free hardware and software to help build
e-commerce sites for customers.
As for the Net leaders, CMGI (CMGI)
added 5-1/8 to 87-3/8, Inktomi (INKT)
was up 6-3/4 to 124-7/8, and Real
Networks Inc. (RNWK)
was up 4-3/4 to 88-1/2.
F5 Networks (FFIV)
climbed 1-1/2 to 71. The company announced a 2 million share secondary
offering.
NetObjects (NETO)
was up 1-27/32 to 7-7/16. The Internet software developer announced a
deal with Concentric Network Corp.
(CNCX)
to provide customers with e-commerce hosting. Concentric was down 1 to
23-7/16.
Shares of internet.com Corp. (INTM)
jumped 4-3/16 to 18-7/16. US Bancorp Piper Jaffray reiterated its
“strong buy” rating on the stock, predicting the stock will hit $40 over
the next 12 months.
internet.com Corp. publishes this Web site.
On the IPO front, Loislaw.com
announced the terms of its IPO. The online legal provider plans to issue
3.98 million shares priced between $10-$12. The lead underwriter is
Prudential Securities.
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