Internet stocks gained momentum in the afternoon reversing a morning
sell-off. Helping the charge were a number of initial public offerings and
positive comments from analysts.
internet.com’s Internet Stock Index was up 5.66, or 0.61 percent, to 931.84,
the Nasdaq Composite matured 1.86 to 4420.41 and the Dow Jones industrial
average gained 198.25 to 10718.09.
SunHawk.com (SNHK)
priced 1.4 million shares at $12 each with lead underwriter Joseph Gunnar.
SNHK sells sheet music that can be downloaded from the Internet. Shares rose
6-1/2, or 54 percent, to 18-1/2.
Shares of b2bstores.com (BTBC)
added 1/8 to 8-1/8 after pricing 4 million shares at $8 per share.
VarsityBooks.com (VSTY)
priced 4 million shares at $10 per share with lead underwriter Robertson
Stephens. Shares finished down 1/8 to 9-7/8.
US Interactive (USIT)
was up 4-1/4 after DB Alex. Brown upgraded the stock from “buy” to
“strong buy.”
Network Solutions (NSOL)
lost 10-13/16 to 295-3/4. Morgan Stanley Dean Witter initiated coverage
with “outperform” and $340 price target.
GoTo.com (GOTO)
dropped 9 to 83
after DLJ analyst Jamie Kiggen reiterated the search
engine a “buy” and raised his price target from $100 to $160.
Ask Jeeves (ASKJ)
announced plans to acquire The Evergreen Project, a provider of Web-based
educational products, for roughly $3.9 million in cash and stock. Shares
fell 1-3/8 to 82-1/2.
Yahoo! Inc. (YHOO)
rebounded in afternoon trading, closing 4-1/4 higher to 170, CMGI (CMGI)
slipped 9/64 to 115-3/4 and Internet Capital Group (ICGE)
fell 3-1/4 to 118-5/8.