Internet stocks bounced higher from their mid-day levels but still finishd
lower.
internet.com's Internet Stock Index fell 16.24, or 1.66 percent, to 959.59,
the Nasdaq Composite slipped 12.65 to 4577.85 and the Dow Jones industrial
average rose 176.53 to 10038.65.
Quokka Sports (QKKA)
added 1/8 to 13-3/16. Merrill Lynch analysts Henry Blodget and Sofia
Ghachem came out with a report on the broadband sports destination.
"Quokka's business appears healthy, and our outlook on the stockcontinues to
strengthen. Quokka hit 1mm unique visitors in January, with the CART and
MotoGrandPrix seasons set to kick off in March," they wrote in their note to clients.
"The company also announced an agreement with Nokia, the world's largest cell phonemanufacturer, to develop
America's Cup coverage for WAP-enabled phones. We also think that a tougher
public market environment for B2Cinternet names accrues to the benefit of
companies with strong momentumwhich are already public, like Quokka," they wrote.
Redback Networks (RBAK)
rocketed 22-3/16 higher to 277-1/4. Lehman Bros. upgraded the stock to a
"buy" from "neutral" rating and set a $325 price target.
Yahoo! Inc. (YHOO)
was down 3-1/4 to 161-15/16. Reports emerged over the weekend that the
portal held talks with Australia's News Corp. (NWS)
about a possible alliance.
eBay Inc. (EBAY)
lost 5-3/4 to 145-1/16. A London newspaper reported Monday that eBay is in talks
to buy Sotheby's Holdings (BID)
for $1.6 billion. EBay officials denied the published report.
America Online Inc. (AOL)
added 1 to 60-5/8. The online giant Monday announced a number of strategic
agreements with wireless players to deliver its content to a variety of
Internet-ready devices including cellular phones.
LookSmart (LOOK)
jumped 6-3/8 to 48-1/16. U.S. Bancorp Piper Jaffray initiated coverage of
the search engine Monday with a "strong buy" rating, setting a $94, 12-month
price target.
Online brokers got a boost from positive comments issued Monday by Chase
Hambrecht & Quist. E*Trade Group Inc. (EGRP)
was up 5/8 to 22-7/8. The brokerage said E*Trade's rapid account growth is
propelling it to one of its best quarters ever. Chase set a $40 price
target.
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Roller coaster for DSL Stocks that the incremental net subscriber rate in Japan will continue to decrease in 2006 and beyond.
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Charles Schwab (SCH)
gained 3/8 to 38-1/4. Chase increased its first-quarter estimate by 4 cents
to 23 cents a share. Chase said the company continues to benefit from
increased trading activity.
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