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CNNfn tech stock report
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January 28, 1999: 4:14 p.m. ET
Yahoo! deal, AOL earnings fuel Internet rally; Intel rises on stock split
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NEW YORK (CNNfn) - Internet stocks soared again Thursday, buoyed by a major merger and a positive earnings report from a sector bellwether.
Shares of GeoCities (GCTY) jumped 42-1/4 to 117-1/4 after the Web site community agreed to be acquired by portal leader Yahoo! Inc. (YHOO) in a $3.6-billion deal. Yahoo! shares rallied 31-7/8 to 367-3/4.
Investors reacted positively to a strong second-quarter earnings report from America Online Inc. (AOL), which added 8-15/16 to 174-7/16.
Infoseek Corp. (SEEK) finished 12-1/2 higher at 83-15/16 as investors anticipate the Web portal's fourth-quarter results. Analysts expect Infoseek to post a loss of 44 cents a share.
Elsewhere, Network Solutions Inc. (NSOL) rallied 41-7/8 to 215; E*Trade Group Inc. (EGRP) rose 15-15/16 to 99-1/2; and theglobe.com (TGLO) added 20-7/16 to 59-15/16.
Chip shares recovered from their slump Wednesday, led by Intel Corp. (INTC), which climbed 4-7/16 to 137-3/16 after the company set a 2-for-1 stock split.
Elsewhere, Advanced Micro Devices Inc. (AMD) rose 1-1/2 to 22-3/4, while Xilinx (XLNX) added 3-11/16 to 83-1/2.
In the telecom sector, GTE Corp. (GTE) benefited from a strong fourth-quarter earnings report, rising 1-3/4 to 67-15/16.
GTE's good fortune spilled over to Bell Atlantic Corp. (BEL), which is merging with GTE in a $53-billion deal. Bell Atlantic shares rose 3-1/16 to 58-13/16.
Among computer shares, Dell Computer Corp. (DELL) rose 5-1/4 to 93-3/4, while Gateway Inc. (GTW) added 2-11/16 to 70-1/2. 
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