Internet issues staged a triumphant comeback Thursday afternoon as investors rallied behind a
number of analyst upgrades and positive earnings results.
internet.com’s Internet Stock Index shot up 17.66, or 1.83 percent, to
983.62, the Nasdaq Composite jumped 67.23 to 4617.56 and the Dow Jones
industrial average fell 133.10 to 10092.63.
eGain Communications (EGAN)
added 6 to 53-1/8. Stephens Inc. initiated coverage on the customer
relationship management (CRM) company with a “buy” rating.
Digital Island Inc. (ISLD)
matured 13/16 to 108-5/16. Merrill Lynch started coverage with a near-term
accumulate/long-term buy rating.
Internet Capital Group (ICGE)
slipped 1/4 to 119. The B2B holding company announced it will acquire a
stake in eCredit.com for $450 million in ICGE stock.
Amazon.com Inc. (AMZN)
lost 2 to 68-7/16, CMGI Inc. (CMGI)
slipped 1-1/8 to 119-1/16, Cisco Systems
dropped 1-3/8 to 137-1/4 and Yahoo! Inc.
added 1-55/64 to 168-1/16.
America Online Inc. (AOL)
rose 1-13/16 to 60-1/8 after CS First Boston upped its rating to a “strong
buy” and set an $83 target.
Ariba Inc. (ARBA)
rocketed 13-13/16 higher to 252-13/16. The electronic commerce software
maker won a large order Thursday from Kraft Foods.
Priceline.com Inc. (PCLN)
rose 4-7/8 to 56-3/4. The online supplier of airline tickets, hotel rooms,
mortgages and groceries Thursday hired Heidi Miller away from Citigroup as
its new chief financial officer.
was up 2-7/16 to 26-7/8. The supplier of Internet-based systems to travel
providers reported a narrower-than-expected loss of 14 cents, 11 cents lower
than analysts had forecast.
gave up 1-15/16 to 10-13/16. The online software retailer reported a
fourth-quarter operating loss of $1.05, 5 cents better than expected.
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