Finally, the NASDAQ shot through the 3,000 barrier. Much of the enthusiasm
was driven by economic news pointing to a slower economy and less
inflation.
internet.com’s Internet Stock Index closed up 13.17, or 2.35 percent, to
573.83, the Nasdaq Composite jumped 46.21 to 3,027.84 and the Dow Jones
industrial average moved up 27.22 to 10,609.06.
Among Internet issues posting healthy gains was Commerce One Inc. (CMRC)
which had soared 46-15/16 to 254. The company, whose software enables
companies to communicate with suppliers over the Web, announced it will
team with General Motors Corp. (GM) to
make its purchasing processes more efficient.
PurchasePro (PPRO)
was up 4-1/8 to 65-5/8. The company, which is a business-to-business
hub, signed a deal with VerticalNet (VERT)
to integrate its technology for the hotel industry.
TMP Worldwide (TMPW)
was up 9-7/8 to 69-7/8. The Internet ad company, whose properties
include Monster.com, reported
third-quarter earnings of $16.2 million, or 40 cents a share, 5 cents
better than expected.
eBay (EBAY)
fell 4-3/16 to 127-1/16. The company announced that insiders are going
to sell 1.79 million shares.
America Online Inc. (AOL)
had gained 5-3/4 to 138-7/8 and Blockbuster Inc. (BBI)
had moved up 1-5/8 to 14-1/8. AOL Wednesday invested $30 million in the
video rental giant. As part of the deal, Blockbuster will also promote AOL
across its retail chain.
Online grocer Peapod (PPOD)
fell 1-7/8 to 10-5/16. The company reported a loss of 53 cents a
share, whereas First Call estimates had expected a 28-cent loss.
Jupiter Communications (JPTR)
was up 4-3/16 to 36 after Thomas Weisel Partners initated coverage
with a “buy” rating.
Critical Path (CPTH)
rose 6-1/2 to 51-1/2. The company agreed to purchase FaxNet, which is
a leading supplier of fax and integrated messaging technologies.
Vitaminshoppe.com Inc. (VSHP)
was up 19/32 to 10-3/16. Thomas Weisel initiated coverage with a
“strong buy” rating and Paine Webber started coverage with a “buy”.
Broadcom Corp. (BRCM)
was up 8-1/2 to 150-1/8. Kaufman Brothers raised its target to $165
from $140.
DSL.net (DSLN)
was up 4-9/16 to 20-1/8. Bill Garrahan, analyst with Lehman Brothers,
initiated a “buy” rating on the high-speed Internet access company.
CMGI Inc. (CMGI)
was up 1-3/8 to 103-7/8. The company said its AltaVista unit lost
$283.9 million in its fiscal year ended July 31. During part of the year,
AltaVista was still a unit of Compaq
Computer Corp. (CPQ)
On the IPO front, Tickets.com raised
the price range from $7-$9 to $10-$12. The lead underwriter is Morgan
Stanley.
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