Internet stocks were doing their part to steer the Nasdaq Composite to the 5,000 milestone Monday as investors were rushing into sector leaders. Meanwhile, Federal Reserve Chairman Alan Greenspan continued to express concerns over the economy’s rapid pace at a morning speech at Boston College.
At noon Eastern, internet.com’s Internet Stock Index had jumped 34.33, or 3.27 percent, to 1,082.61, the Nasdaq Composite had gained 54.91 to 4,969.70 and the Dow Jones industrial average was off 61.51 to 10,305.69.
Stocks moving on the optimism included Broadcom Corp. (BRCM), up 11 to 243-7/8, Broadvision Inc. (BVSN), up 7-1/8 to 267-3/4, CNET Inc. (CNET) had gained 3-5/8 to 71-9/16 and eBay Inc. (EBAY) had added 13-1/8 to 162-5/8.
Also benefiting were Juniper Networks (JNPR), adding 17-3/16 to 281-5/8, Lycos Inc. (LCOS), up 7-7/16 to 67-7/16, Priceline.com Inc. (PCLN), adding 11-3/8 to 86-3/8 and Yahoo! Inc. (YHOO) up 17-7/16 to 175-7/16.
Internet Capital Group Inc. (ICGE) had jumped 28-11/16 to 147-3/4. The company this week is holding the first analyst meeting since going public. Also, Robertson Stephens raised its rating on the Net incubator to “strong buy” from “buy,” setting a $250, 18-month price target.
China.com Corp. (CHINA) American depositary receipts were up 4-7/8 to 151-3/4. The Chinese Web publisher Monday announced a 2-for-1 stock split.
Those in the negative column included Doubleclick Network Inc. (DCLK) After hitting 98-1/2 earlier in the session, shares were off 1-7/8 to 95-1/4. SG Cowen Monday issued a report saying investors had overreacted to recent privacy issues raised over the methods Doubleclick uses to collect data from Internet users.
Shares of Freeserve PLC (FREE) were off 18-3/8 to 138 on news that AltaVista had launched a free Internet service in the UK.
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