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Tech stock ride continues

The "fantastic voyage" of Internet stocks resumes, with Infoseek and Yahoo leading another rally.

Jeff Pelline Staff Writer, CNET News.com
Jeff Pelline is editor of CNET News.com. Jeff promises to buy a Toyota Prius once hybrid cars are allowed in the carpool lane with solo drivers.
Jeff Pelline
The "fantastic voyage" of Internet stocks resumed today, with Infoseek and Yahoo 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.