Technology, Blue Chips Outpace Internets

After a roller coaster ride earlier in the sesssion, Internet stocks jumped on the rally bandwagon. Despite the lateday strength, they were still outpaced by technology issues and blue chips.’s Internet Stock Index was up 11.72, or 2.85 percent, to
423.18, the Nasdaq surged 73.25 to 2,563.36 and the Dow Jones industrial
average added 133.29 to 10,788.44.

Helping to spark the high-tech rally was
Cisco Systems Inc. (CSCO)
. Shares of the networking company shot up 4-3/16 to 62-15/16. Cisco
reported fourth quarter earnings of 21 cents a share, which beat First Call estimates by a penny.

Yahoo! Inc. (YHOO)
was up 9/16 to 128-1/16 after hitting 131-5/8.
The company rolled out Yahoo! Mobile which allows personalized content to be downloaded to wireless devices.

Thomas Weisel Partners reiterated its “buy” rating on Yahoo as well as on
Real Networks Inc. (RNWK)
Verisign Inc. (VRSN)
Real was off 1 to 69-3/4 after hitting 72-3/4 and Verisign was up 2-5/8 to 73 1/8 after reaching 75-1/4.

Shares of America Online Inc. (AOL)
surged 6 to 91. Lehman Brothers’ Brian Oakes reiterated his “buy” rating
and his $200 price target.

Among other sector leaders, eBay Inc. (EBAY)
was down 1-9/16 to 87-11/16 after reaching 93-1/2 and Inc. (AMZN)
shed 1/16 to 90 15/16 after hitting 95-1/4.

24/7 Media (TFSM)
was up 3-7/8 to 26-3/4. Late Tuesday, the online advertising company reported a loss of $5 million of 26 cents a share.

In a lackluster IPO market, Red Hat Inc. (RHAT)
had a blow-out performance. The leader of the Linux operating system saw its shares soar 38-1/16 to 52-1/16.

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