|
CNNfn tech stock report
|
 |
November 9, 1998: 4:31 p.m. ET
Internet shares soar in anticipation of e-commerce holiday boost
|
NEW YORK (CNNfn) - On a day when the rest of the technology sector dragged sluggishly through the day, Internet shares soared Monday as investors expressed confidence in the prospects of electronic commerce during the upcoming holiday season.
News from Excite Inc. led the charge of Internet stocks. The Web portal company announced a new service that gives Web surfers a "virtual credit card" for online shopping.
"That announcement reminded people how big e-commerce will be during the holiday season," said Lise Buyer, Internet analyst at Credit Suisse First Boston.
The sector also got a boost from a survey by Dell Computer Corp. and Louis Harris & Associates Inc., which found that 43 percent of Americans who use computers said they were likely to shop on the Internet this holiday season.
Excite (XCIT) shares soared 7-1/2 to close at 47-1/2.
Other Internet companies riding the e-commerce wave included rival portals Infoseek Corp. (SEEK), which jumped 4-9/16 to 38-9/16; Yahoo Inc. (YHOO), which soared 11-3/16 to 164-3/4; and Lycos Inc. (LCOS), which rose 2-1/2 to 51-5/8.
Online bookseller and e-commerce leader Amazon.com Inc. (AMZN) climbed 2-5/16 to 126-7/8.
Internet service providers also got a lift from the buying frenzy. America Online Inc. (AOL) closed at 144-1/2, up 4-1/2. Earthlink Network Inc. (ELNK) shot up 5-1/4 to 55-1/8. Mindspring Enterprises Inc. (MSPG) finished 7-3/16 higher at 52-13/16.
Broadcom Corp. (BRCM) soared 6 to a 52-week high of 92-1/2 after the communications circuit maker announced it has created a new chip that lets television viewers simultaneously view web pages.
While Internet shares cruised, however, most other technology sectors stumbled along with the general market.
Autodesk Inc. (ADSK) fell 2-13/16 to close at 34-1/8.
BMC Software Inc. (BMCS) slipped 1-3/4 to 46-1/4.
Lucent Technologies Inc. (LU) dropped 1-3/4 to 88-3/8.
Motorola Inc. (MOT) fell 1-5/16 to finish at 53-3/16.
Texas Instruments Inc. (TXN) closed at 63-1/4, off 1.
Some computer makers, however, managed to come out ahead. IBM Corp. (IBM) climbed 1-7/16 to 151-3/8.
Dell Computer Corp. (DELL) rose 3-5/16 to 69.
Silicon Graphics Inc. (SGI) finished at 13-1/16, up 1-5/16. 
|
|
|
|
|
 |
|
