Upgrades Help Lift Markets - InternetNews.
Internet issues were climbing higher Wednesday afternoon amid several analyst upgrades and a shocking announcement from a premier Internet e-tailer.
By 12:30, internet.com's Internet Stock Index was rising 15.45, or 1.82 percent, to 862.36, the Nasdaq had jumped 36.84 to 4008.95 and The Dow Jones industrial average was up 47.71 to 11524.42.
Doubleclick (DCLK) was up 20-1/8 to 241-1/16. DLJ analyst Jamie Kiggen reiterated the online advertising agency a "buy" and slapped it with a new $300 price target.
CMGI (CMGI) , + 8-13/16 to to 276-7/8. The holding company bought Equilibrium, an automation solutions provider.
Shares of Real Networks (RNWK) were up 5-1/16 to 130-3/4. Southwest Securities analyst Manuel Royo upgraded his rating to a "buy" and set a price target of $200.
MP3.com (MPPP) was surging 5-1/2 to 30-3/4. The company bought event planner seeUthere.com for approximately $162 million in stock.
Egghead.com (EGGS) , + 6-5/16, or 55 percent, to 17-7/8. Egghead announced that it ranked among the top 10 e-commerce sites for the week ending December 19, 1999 with 1.1 million estimated unique visitors.
Value America Inc. (VUSA) was down a fractional 5/8 to 6-1/4. The Internet retailer announced it will miss its earning's target this quarter due to a restructuring effort. The company has plans to lay off 47 percent of its work force as it consolidates facilities and takes other cost-saving initiatives.
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