|
CNNfn tech stock report
|
 |
January 8, 1999: 4:22 p.m. ET
Broadcast.com soars amid more Internet euphoria; chip shares slip
|
NEW YORK (CNNfn) - Internet euphoria was the rule yet again among technology stocks Friday, with investors throwing their money at virtually any "dot-com" related company.
The day's biggest winner was Broadcast.com Inc. (BCST), which soared 65-1/2 to close at 197-1/2. The Web-based broadcaster climbed as much as 98 points, or 74 percent, to 230 earlier in the day before the Nasdaq market halted trading and asked the company to explain the stock's movement. Trading resumed a short time later after the company said it does not comment on its stock activity.
Riding on Broadcast.com's coattails, RealNetworks Inc. (RNWK) jumped 9-1/2 to 50. RealNetworks provides the streaming multimedia technology used to listen to events and programming on such sites as Broadcast.com.
Elsewhere, GeoCities (GCTY) jumped 14 to 54-7/8 after the Web site community firm announced a deal to put InterWorld's e-commerce technology into the next generation of GeoShops, GeoCities' online merchant sites.
C-Net Inc. (CNET) rose 6-3/8 to 62-3/8 after BancBoston Robertson Stephens reiterated its "buy" rating on the Internet content provider.
Other Internet gainers included usual suspect Yahoo! Inc. (YHOO), which rose 23-5/8 to 343-5/8, and Lycos Inc. (LCOS), which soared 20-1/4 to 91-3/4.
Chip-related shares gave back some gains as investors took profits from stocks that had posted strong results in the last few days. Most chip-related firms struggled, despite the fact that the Semiconductor Industry Association said worldwide semiconductor sales rose 4.8 percent to $11.38 billion in November, the strongest showing since December 1997.
Linear Technology Corp. (LLTC) fell 1-1/8 to 92-1/2; Vitesse Semiconductor (VTSS) slipped 1-3/4 to 45-15/16; and Altera Corp. (ALTR) shed 1-1/8 to 62-13/16. Only Texas Instruments Inc. (TXN) logged strong gains, adding 2-1/4 to 93-3/4.
Among technology bellwethers, IBM Corp. (IBM) lost 2-5/8 to 187-9/16; Microsoft Corp. (MSFT) shed 5/8 to 149-7/8; and Cisco Systems Inc. (CSCO) added 3-1/16 to 106-11/16. 
|
|
|
|
|
 |
|
