Yahoo! Soars Ahead of S&P 500 Debut

Internet issues finished up higher again Tuesday on the eve of Yahoo’s
official entrance into the S&P 500, although blue chips weren’t as lucky.


internet.com’s Internet Stock Index finished up 33.58, or 4.42 percent, to
793.67, the Nasdaq Composite gained 40.83 to 3586.84 and the Dow Jones
industrial average lost 118.36 to 11106.65.


Yahoo! (YHOO)
shares rocketed 67-3/16 higher to 348. The leading business-to-consumer
portal was added to the S&P 500 at today’s close.


On the IPO front, E-Cruiter (ECRU)
offered 2.45 million shares at $6 per share. Shares of the online job
recruiting site surged 2-9/16 to 8-9/16.


InfoSpace.com (INSP)
continued climbing, gaining 24-11/16 to 173-11/16. Paine Webber reiterated its “buy”
rating on the stock and raised its price target from $150 to $265.


News Corp. (NWS) invested $1 billion in Healtheon/WebMD (HLTH)
for a 10.8 percent stake in the online healthcare company. HLTH shares
tacked on 15/16 to 46-7/16.


Akamai Technologies (AKAM)
rose 9-1/4 to 226. JP Morgan initiated coverage with a “buy” rating and
18-month price target of $270.


WebHire Inc. (HIRE)
saw its shares climb 4-1/14 to 14 after Adams Harkness raised its rating
from an “accumulate” to a “strong buy.” WebHire is an Application Service
Provider (ASP) in the Internet recruiting marketplace. WebHire’s B2B
solutions are designed to help employers use the web to advertise job
openings, attract and evaluate talent, and manage the hiring process.


HomeStore.com (HOMS)
finished up 7-1/8 to 89-7/8. The online realty site launched a new portal,
which combines Realtor.com with its other Internet properties.


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