Internet stocks and the entire market enjoyed a rise today as optimism replaced yesterday's hesitancy following the Fed's stance on interest rates.
internet.com's Internet Stock Index shot up 24.89 , or 4.62 percent, to 563.37, the Nasdaq Composite increased 57.42 to 2857.09, and the Dow Jones industrial average rose 187.75 to close at 10588.34.
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Yahoo! (YHOO) released its earnings after the bell, beating the street by $.05 cents with earnings of $.14 per share. The portal powerhouse is seen as a representative of how well the Internet sector in general is performing. Its stock rose 2 7/16 to 175 3/4.
America Online, Inc. (AOL) and Lycos, Inc. (LCOS) also enjoyed big gains on news of their content agreement to provide Lycos users with AOL's Instant Messaging service. AOL was up 4 7/16 to 117 15/16 and Lycos jumped 7 5/8 to 64 1/8.
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To get to the high-hanging fruit, you need more capital outlay and more looming job cuts didnt lift Yahoos stock Tuesday amid rising recession worries.
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eBay, Inc. (EBAY), Priceline.com Inc. (PCLN) and @Home Corp. (ATHM) also received good news from investment houses that sent their stock up. EBAY was rated a "buy" by Lehman Brothers, and its stock priced is predicted to reach 200 within 12 months. Its stock flew up 10 1/2 to close the day at 151 11/16.
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MANILA, PhilippinesÂPhilippine banks still enjoy double-digit profitability ratios, but higher operating costs, fly. Slow trading seen in RP stocks
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ATHM was also rated a "buy" by Warburg Dillion Read Inc., and is predicted to reach 65 within 12 months. It closed at 46 9/16, up 4 1/2.
PLCN was reinstated near-term "accumulate" and long-term "buy" by Merrill Lynch & Co. It closed up 8 1/2 to 72 3/4 on the news.
Other market leaders today included eToys, Inc. (ETYS), up 10 3/8 to 79, Amazon.com Inc. (AMZN) up 4 to 82 7/16 and Doubleclick, Inc. (DCLK), up 6 11/16 to close the day at 130 1/4.
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Net Stocks Fly High, Yahoo Enjoys Good Earnings