Net stocks seem to be suffering from comparisons to Google
are just some of the Net names that have faltered as Google’s shares have soared.
It seems the Net’s newest star is making everyone else seem like old news. Even Yahoo
failed to hitch a ride on Google’s coattails — Yahoo’s stock is up less than 1% since Google posted blow-out results earlier this week.
AskJeeves on Friday became the latest stock to suffer by comparison. The company posted strong earnings that beat Wall Street estimates, but the stock fell 5.8% after revenues came in a shade under forecasts.
DoubleClick lost 7% Friday after the company beat estimates but guided forecasts to the low end of estimates, and Shopping.com plunged 18% on its results.
As a result, Net stocks found it tough going Friday on an otherwise stellar day for the stock market, as the broader market soared after investors decided that a weaker than expected employment report was good news for interest rates.
The Nasdaq surged 29 to 2086, the S&P 500 rose 13 to 1203, and the Dow soared 123 to 10,716. Volume rose to 1.65 billion shares on the NYSE, but declined to 1.94 billion on the Nasdaq. Advancers led 25-7 on the NYSE, and 21-10 on the Nasdaq. Upside volume was 77% on the NYSE, and 78% on the Nasdaq. New highs-new lows were 416-11 on the NYSE, and 158-35 on the Nasdaq.
jumped 8% on its results, but it otherwise seemed to be a rough day for earnings reports, with Dot Hill
, Portal Software
falling on their results.
tumbled 17% after the company said it found financial control problems.