Yahoo gained 5% Wednesday on upbeat comments from analysts.
Salomon Smith Barney upped Yahoo to Buy from Hold and raised its price target from $50 to $60, anticipating 35-50% growth in Yahoo’s core business until 2006.
First Albany also rated Yahoo shares a Buy based on positive trends in online advertising and strong subscriber growth at SBC and BT broadband services.
Yahoo reports first-quarter results on April 7.
The broader market surged Wednesday on tame inflation data.
The Nasdaq surged 33 to 1943, the S&P 500 climbed 13 to 1123, and the Dow rose 115 to 10,300. Volume rose to 1.5 billion shares on the NYSE, but declined to 1.7 billion on the Nasdaq. Advancers led 25-7 on the NYSE, and 23-8 on the Nasdaq. Upside volume was 82% on the NYSE, and 83% on the Nasdaq. New highs-new lows were 140-13 on the NYSE, and 72-14 on the Nasdaq.
After the close, Jabil and Tibco
beat estimates.
During the day, Ericsson rose 5% on a contract win in Argentina.
Foundry gained 7% on an upgrade and takeover speculation.
Agere fell 5% on a warning.
Micron rose 4% on positive analyst comments.
Sportsline.com surged 20% in a move attributed by traders to March Madness. Indeed.
E*Trade climbed 6% after raising estimates.
The IPO of China-based Semiconductor Manufacturing lost 11% on trade worries on its first day of trading.
And Time Warner may be weighing the sale of AOL.
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