Internet stocks continued rising on Monday, following news of several upgrades and stock splits.
Published:
14 December 1999 y., Tuesday
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The Nasdaq Composite kept its hot streak alive, setting its 52nd record of 1999.
internet.com_s Internet Stock Index closed up 9.66 to 845.38, the Nasdaq Composite added 37.93 to 3658.17 and the Dow Jones industrial average fell 32.11 to 11192.59. SciQuest.com (SQST) climbed 6-3/8 to 52. Banc of America Securities initiated coverage of the B2B provider of scientific and laboratory products with a "buy" rating and a $75 price target. CMGI (CMGI) bolted 17-9/16 higher to 211-5/8. CMGI_s majority owned, 1stUp.com announced it has eclipsed the 1 million subscriber mark. 1stUp.com allows consumer oriented businesses to provide its customers with free, advertising supported, Internet access. InterWorld Corp. (INTW) rose 9-1/4 to 72-7/8. Barrington Research Associates initiated coverage of the business-to-business software provider with a long-term "buy" and a 12 month price target of $91. BroadVision Inc. (BVSN) rocketed 22-5/8 to 130. The maker of customer service software for Internet businesses will join the Nasdaq 100 index on Dec. 20. Foundry Networks (FDRY) flew 26-1/4 higher to 304. The Internet equipment maker Monday announced a 2-for-1 stock split. Shares have risen 11-fold since going public in September. Whittman-Hart Inc. (WHIT) plunged 24-3/4 to 54-1/2 after announcing it will buy USWeb/CKS Corp. for $5.88 billion in stock. Whitman will pay about $68.55 a share for USWeb/CKS. That represents a 35 percent premium from Friday_s close. Investors should be preparing for a flood of IPOs set to hit the market this week. Two highly anticipated issues are C-bridge Internet Solutions and Infonet Services. Merrill Lynch is the lead underwriter for data-communications company, Infonet Services, which did $173.2 million in revenues for the six months ended Sept. 30.
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