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CNNfn tech stock report
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December 9, 1998: 4:44 p.m. ET
News announcements lift Internet issues; chips dip on profit-taking
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NEW YORK (CNNfn) - Internet shares finished strong in Wednesday trade despite late-day selling as corporate announcements lifted a few key industry players.
Broadcast.com Inc. (BCST) jumped 15 to 69-3/4 after the Web-based broadcaster announced a deal with Nasdaq to provide live quarterly earnings conference calls from its site. The service will begin in early 1999. Also, Hambrecht & Quist raised its rating on Broadcast.com to "buy" from "hold."
Infoseek Corp. (SEEK) finished 1-15/16 lower at 42-15/16 after late-day selling in the stock. The company's shares traded higher most of the day after it announced it planned to launch a beta version of go.com, the company's joint venture with Walt Disney Co. (DIS), by the end of the year. Infoseek said the service will be fully available in January.
Rival Web portal Lycos Inc. (LCOS) added 3-3/8 to close at 61-1/4 after the company joined the e-commerce wave with the opening of the Lycos Store, its new virtual department store.
Network Solutions Inc. (NSOL), the Internet address registrar, soared 8-15/16 to 84-7/16 after Hambrecht & Quist raised its 12- to 18-month price target to $95 from $65.
Among other Internet companies riding high Wednesday, Amazon.com Inc. (AMZN) climbed 12-3/16 to 216-1/4; and eBay Inc. (EBAY) rose 2-21/32 to 179-17/32, despite a system outage that kept customers waiting to place bids on the online auctioneer's site.
An eBay spokeswoman said technicians discovered a bug in the system software at 2:55 a.m. Pacific Time, adding that the company does not expect the outage to have a material impact on its daily business.
Chip shares tumbled as investors took profits from recent gains. Intel Corp. (INTC) shed 7/8 to 119-3/16; Advanced Micro Devices Inc. (AMD) fell 1 to 31; Micron Technology Inc. (MU) lost 1-5/8 to 51-1/4; and Motorola Corp. (MOT) was off 7/8 to 60.
Networking firm 3Com Corp. (COMS) added 1/2 to 43-7/8 after announcing a joint venture with German telecommunications giant Siemens AG to offer computer network-based multimedia corporate phone systems.
Database software maker Oracle Corp. (ORCL) 1-5/16 to 36-5/8 after Prudential Securities cut its rating to "accumulate" from "strong buy." Oracle will report fiscal second-quarter earnings Thursday. Analysts expect the company post a profit of 24 cents a share.
Finally, Internet direct marketer Xoom.com (XMCM) soared 20-7/16 to 34-7/16 in its first day of trading. The gain represented a 146-percent jump from its $14 offering price.
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