Money continued to flow into Internet stocks Monday, boosting several hard-hit sectors that are still trying to recover from the recent tech and Internet stock correction.
internet.com’s Internet Stock Index gained 11.97, or 1.55 percent, to 786.54, the Nasdaq Composite climbed 97.42 to 3,958.08 and the Dow Jones industrial average climbed 77.87 to 10,811.78.
Leaders in positive territory included Ariba Inc. (ARBA), jumped 9-3/4 to 83-15/16, Broadcom Corp. (BRCM), gained 1-7/8 to 174-1/4 CMGI Inc. (CMGI), lost 1-3/4 to 69-1/2, CNET Inc. (CNET), rising 4-7/16 to 39, Exodus Communications Inc. (EXDS), added 1-11/16 to 90-1/8 and Vignette Inc. (VIGN), rose 3-5/16 to 51-1/2.
Safeguard Scientifics (SFE) jumped 7-1/8 to 49-1/4. The incubator for Internet infrastructure companies Monday received another $100 million from IBM Corp. and Compaq Computer Corp.
Entrust Technologies Inc. (ENTU) added 3-1/4 to 52-3/8.
Snowball.com Inc. (SNOW) soared 1-1/8 to 4-3/4 following several positive analyst comments. Goldman Sachs initiated coverage with a “market outperform,” Chase Hambrecht & Quist initiated coverage with a “buy” and Robertson Stephens & Co. initiated coverage with a “buy.”
ayon Communications Systems Inc. (TERN) gained 34-1/4 to 127-1/4. The cable modem maker sealed a deal with Dutch cable operator Casema. The company will use Terayon’s broadband voice-over-cable system.
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