The "fantastic voyage" of Internet stocks resumed today, with Infoseek
leading another rally.
Infoseek gained nearly 7 percent to close at 39.18, and Yahoo was up
more than 3 percent. Yahoo was rated a "buy" in new coverage by Donaldson
Lufkin & Jenrette. The firm set a 12-month target price of $150 per share.
Infoseek reports its quarterly earnings on Thursday.
Stock in K-Tel International Incorporated
leaped 12.9375 to 41.62. The company's stock has risen sharply
since it disclosed plans to sell music via the Net. The stock is up sixfold since announcing its Internet plan on April 9, according to Bloomberg.
Amazon.com nearly touched the
$100-per-share mark today. Its stock was trading at 98 in
midmorning trading, but closed at 94.25. Among other Net stocks, America Online also showed a gain, but Excite and Lycos closed down slightly.
AOL today announced a linking deal with online investment site
TheStreet.com to provide financial analysis and live events to AOL subscribers.
Netscape Communications, which increasingly is
generating revenue from its Web site, was up more than 10 percent to close at 25.56. Its
shares have been on the upswing in recent days.
Technology IPOs are helping to propel the market as well. As reported earlier,
chipmaker Broadcom went public on Friday and its stock surged more than 120
percent. The stock was down about 4 percent today.
AT&T posted modest first-quarter
profits and its stock fell. IBM posted quarterly results after the market closed.