|
CNNfn tech stock report
|
 |
November 12, 1998: 4:43 p.m. ET
Internet stocks roar ahead amid strong investor optimism
|
NEW YORK (CNNfn) - After taking a day to cool off their torrid pace, Internet stocks rallied Thursday, once again buoyed by investor optimism over electronic commerce during the upcoming holiday season.
Online auctioneer eBay Inc. continued its phenomenal run this week, climbing 10-1/16 to close at 126.
Other e-commerce companies also fared well. Electronic bill payment firm CyberCash Inc. (CYCH) rose 1-3/16 to 11-3/16, while online bookseller Amazon.com Inc. (AMZN) jumped 4-3/8 to 131.
One day initiating public trading, EarthWeb Technologies (EWBX) set out to prove the 248-percent surge from its offering price was no fluke. The company's shares rose 20-9/16, or 42 percent, to 69-1/4 in its second day of trading.
AvTel Communications Inc. (AVCO) shot up 28-3/4, or 1,277 percent, to 31 after the company announced a new high-speed Internet access service for customers in Santa Barbara, Calif.
Earlier, the company's chief executive said the news may have generated interest in the company but he was at a loss to explain the sudden surge in AvTel's stock in the last 30 minutes of trade.
"The DSL roll-out may have triggered a little more interest in the company," Anthony Papa, AvTel chairman and CEO, said. "But why the stock is up -- your guess is as good as mine."
AvTel soared in the last half hour
In the computer sector, Dell Computer Corp. (DELL) fell 2-3/4 to 69-3/16 as investors awaited third-quarter earnings results. After the market's close, the direct-sales giant reported a profit of 28 cents a share, one penny above Wall Street estimates.
Shares of semiconductor equipment makers continued to climb amid a report that the industry is expected to grow 9.1 percent in 1999.
Applied Materials (AMAT) jumped 1-3/16 to 38-3/4; Novellus Systems Inc. (NVLS) climbed 1-7/8 to 46-11/16; and Lam Research Corp. (LRCX) rose 2-1/16 to 16-15/16.
Advanced Micro Devices Inc. (AMD) jumped 1/2 to 27-1/2 after the company's chief executive forecast revenue growth for the next three years.
Among software companies, Intuit Inc. (INTU) rose 2-1/4 to 57-9/16.
Graphics software maker Adobe Systems Inc. (ADBE) climbed 3/8 to 44-1/2.
Microsoft Corp. (MSFT), however, slipped 2-5/16 to 108-3/4 as the fourth week of its antitrust trial came to a close.
JetForm Corp. (FORMF) fell 2-1/32 to 11-5/8 after the Canadian maker of electronic forms said second-quarter earnings will fall short of analysts' forecasts because of declining sales in Europe. 
|
|
|
|
|
 |
|
