Internet issues showed no signs of slowing down in the new millennium. A
number of analyst upgrades and positive comments from Merrill Lynch sent
business-to-business and infrastructure stocks higher.
expects a first-quarter pull-back in business-to-consumer issues, the firm
remains very bullish on InfoSpace.com, Internet Capital Group,
HomeStore.com, Exodus, Amazon.com, Yahoo!, America Online and CMGI Inc.
internet.com’s Internet Stock Index rocketed 57.08, or 6.63 percent, to
917.43 the Nasdaq composite jumped 61.84 to 4131.15 and the Dow Jones
industrial average dropped 139.11 to 11357.51.
Ask Jeeves (ASKJ)
surged 25-1/16 to 138. First Union Securities added ASKJ to its Analyst
Action List, labeling the natural-language search engine as their top
content pick for 2000. The firm has a “strong buy” rating on the stock and a
$230 price target.
A report from America Online Inc. (AOL)
that its holiday shopping sales more than doubled to $2.5 billion in 1999
helped e-commerce plays. Movers included Amazon.com Inc. (AMZN)
, up 13-1/4 to 89-3/8, and e-commerce software and infrastructure providers
Ariba Inc. (ARBA)
, up 14-3/8 to 191-3/4, and Broadvision
up 19-3/8 to 189-7/16.
Lycos Inc. (LCOS)
matured 5-43/64 to 85-15/64 and Fogdog
, soared 5-3/8 to 14-7/8. Thomas Wyman of J.P. Morgan Monday initiated
coverage on Fogdog with a “buy” rating and a $25 price target.
Finally, Radware Ltd. (RDWR)
jumped 12-3/16 to 55-5/16. The maker of Internet server sof
tware Monday said
fourth-quarter revenue is expected to almost triple to $4.9 million. It also
expects to report its first profit during the period.