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CNNfn tech stock report
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January 7, 1999: 4:25 p.m. ET
Network Solutions leads another Internet rally; IBM deal lifts Lycos
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NEW YORK (CNNfn) - The word of the day in technology stocks Thursday was - no surprise -- "Internet" as investors continued to express enthusiasm about the sector's growth prospects.
Network Solutions Inc. (NSOL) soared 44-1/2 to 216-1/2 after Prudential Securities raised its rating to "strong buy" from "accumulate" and raised its 1999 earnings-per-share estimates to $1.16 from $1.02. Network Solutions, which registers high-level Internet domain names (.com, .org, .edu) has seen its shares more than triple in the last month.
Despite the fact the company will lose its address-registration monopoly later this year, analysts have said the company will benefit from deals with Netscape Communications Corp. (NSCP) and Yahoo! Inc. (YHOO), as well as the explosive growth of the Internet in general.
Elsewhere, Lycos Inc. (LCOS) rose 5-1/2 to 71-1/2 after the Web portal announced a deal with IBM Corp. (IBM) under which Lycos will provide the opening Web page to users of new IBM Aptiva PCs.
Other big Internet gainers included Yahoo, which rose 29 to 320; eBay Inc. (EBAY), which jumped 15 to 298; Amazon.com Inc. (AMZN), which soared 20-7/8 to 158-7/8; and MindSpring Enterprises Inc. (MSPG), which spiked 12-7/8 to 88.
In the chip sector, Micron Technology Inc. (MU) climbed 3-3/4 to 63-3/8 after analysts made positive comments about the memory-chip maker's outlook during a conference call.
Computer shares posted strong gains, led by Apple Computer Inc. (AAPL), which rose 3-1/4 to 45, while Gateway Inc. (GTW) added 2-5/16 to 58-5/8.
Finally, Adaptec Inc. (ADPT) jumped 5-5/16 to 24-7/8 after the networking firm said its expects to top analysts' third-quarter estimates. 
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