Blue Chips Soar, Nets Stage Comeback
Meanwhile, technology stocks seesawed for much of the day before staging an impressive performance of their own, gaining more than 100 points.
internet.com's Internet Stock Index jumped 39.55, or 4.07 percent, to 1,011.60, the Nasdaq Composite soared 134.67 to 4,717.29 and the Dow Jones industrial average leaped 499.19 to 10,630.60.
Many Internet leaders did an about-face to post double-digit gains. Strong movers included Broadcom Corp. (BRCM), up 24-7/8 to 213-13/16, Checkpoint Software (CHKP), up 10-7/16 to 219-1/8 and Amazon.com Inc. (AMZN), climbed 2-1/2 to 66-1/4.
Also higher were eBay Inc. (EBAY), gaining 29-63/64 to 219-1/2, Network Solutions Inc. (NSOL) was up 12-1/8 to 218, VerticalNet (VERT) rose 13-1/16 to 230-3/8 and Yahoo! Inc. (YHOO) jumped 11-11/16 to 170-3/16.
The day's worst Internet performer was online grocer Peapod Inc. (PPOD) which plunged 4-3/32 to 3-23/32. The firm lost a $120 million investment after its president and chief executive officer announced his resignation, citing health reasons. Peapod said it is exploring several alternatives, including a sale.
Redback Networks Inc. (RBAK) fell 13-13/16 to 322-3/16. The high-speed Internet equipment maker Thursday announced plans to sell $500 million in convertible notes to finance product development.
VA Linux Systems Inc. (LNUX) lost 3-1/2 to 96. The Linux software and hardware retailer bought two privately-held Linux companies Thursday for $239 million.
Streaming media company Loudeye (LOUD) gained 4-9/16 to 44-9/16. The company almost tripled in its first day of trading Wednesday.
Launch Media (LAUN) added 1/2 to 20-3/8 on news it is forming a partnership with Japan's Softbank Publishing, Yahoo! Japan and Tokyo Broadcasting System.
Internet marketer Be Free Inc. (BFRE) fell 3-1/8 to 43-3/4. The Internet marketer's chief executive officer has filed plans with the Securities and Exchange Commission to sell shares.
Cobalt Group Inc. (CBLT) rose 1-3/4 to 13-9/16. The company, which provides Internet services for auto dealers, sealed partnerships with two online auto sites.
Flightserv.com (FSW) jumped 1-1/16 to 6-1/8 after announcing a partnership with Sabre Holdings to sell excess capacity on private business jets.
Internap Network Services (INAP) fell 8-13/16 to 78-3/8 on news that lockup restrictions governing insider sales will soon be lifted on about 17 percent of its outstanding shares.
Rare Medium Group (RRRR) fell 3-9/16 to 62-5/8. The Internet software company sold 3 million shares at $62 in a secondary offering.
Tele1 Europe Holding AB (TEUR) shares climbed 5-3/16 to 23-11/16 in their first day of trading. The Swedish Internet and telecommunications firm sold 33.4 million American depositary shares.
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