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Wall St. -- Nothin' but 'Net
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July 6, 1998: 2:01 p.m. ET
Inktomi, Lycos, others lead hot stocks as Internet sector rallies more widely
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NEW YORK (CNNfn) - Like Wall Street equivalents of Michael Jordan, just when you thought Internet-related stocks couldn't get any hotter, they did.
The sector, which continues to chart new territory when it comes to astronomical price-to-earnings ratios, set the Nasdaq ablaze Monday and has begun to spread its gains more widely.
This time leading the "big four" among search engine providers was Lycos (LCOS), the late arrival to the dance among stock splitters, which declared a two-for-one stock split Monday and rocketed 11-15/16 to 91.
Meanwhile, Inktomi Corp., (INKT) which writes software used by Internet search engine leader Yahoo! and others, surged 17-1/2 to 65-1/2 after Goldman Sachs began coverage of Inktomi with a "market outperform" rating.
Coming along for the ride Monday were Netscape Communications (NSCP), up 1-7/16 at 42-3/4 after surging 8-5/8 Thursday. Excite (XCIT) climbed 7-5/16 to 106-1/4, Infoseek (SEEK) was up 1-1/16 at 38-9/16 and Yahoo! (YHOO) rose 22-1/8 at 195.
Online bookseller Amazon.com (AMZN) rose 11 to 135, while Barnes & Noble shares (BKS) gained 2-3/4 to 47-1/4, as the book retailer got lumped in with its Internet rivals due to its web presence.
Shares of Audio Book Club (KLB), which provides samples of its recorded book offerings over the Internet, rocketed 6-1/4 to 15-7/8.
Shares of Baan (BANNF) rose 3-7/16 to 40-7/16 after the Dutch software firm said last week it will revamp its management team and sell stakes in its business solutions units.
Egghead.com (EGGS), the one-time retailer that has put all its eggs in the 'Net basket, rose 3-7/8 to 12-7/8 after it reported solid growth in revenues at its Internet auction site after its first full year of operation.
Think New Ideas (THNK) shares surged 2-3/8 to 32-1/4 after the marketing company said it will buy two "e-technology" consulting firms in London and San Francisco.
Dow Transports get a lift
Also climbing to new heights Monday are Dow Transport issues after Morgan Stanley forecast bright skies for several major airlines.
US Airways Group (U) gained 2-1/16 to 82-1/16, United Air Lines' parent UAL Corp. (UAL) rose 1-15/16 to 83-1/8, Delta Air Lines Inc. (DAL) climbed 2-3/8 to 133-3/4 and American Airlines' parent AMR Corp.(AMR) rose 1-13/16 to 86-3/16.
The Big Three auto makers, which aren't represented in the Dow Transports index, also gained.
Ford Motor, which rolled out its June sales figures Monday, and rival Chrysler revved up after a key analyst raised his estimates for the auto makers, citing benefits of a strike at rival General Motors.
Ford shares (F) were up 1-1/16 at 58-15/16 and Chrysler shares (C) climbed 11/16 to 57-15/16, while GM shares were up 1-1/4 at 70-1/8.
Proffitt's racked up losses on Wall Street Monday after the Birmingham, Ala.-based retailer said it will buy top-drawer Saks Holdings Inc., parent of Saks Fifth Avenue, for $2.1 billion in stock. Shares of Proffitt's (PFT) were off 4-1/16 at 36-5/8.
AT&T shares were higher in heavy trading Monday as shareholder pressure rises on Chairman and CEO C. Michael Armstrong to restructure its planned $48.3 billion buyout of cable giant Tele-Communications. AT&T shares (T) rose 13/16 to 55-11/16.
Zapata, a one-time oil driller trying to boost its presence in cyberspace, unveiled a plan to split into two separate companies. Its shares (ZAP) gained 6 to 16-1/8.
Shares of Structural Dynamics sank after the automation software maker said it will fall short of analysts' expectations in the second quarter due to weakness in Asian markets. Its shares (SDRC) were off 4-3/4 at 16-5/8 in Nasdaq trading. 
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