Internets Mixed As Investors Digest Earnings
At 11:30 a.m. Eastern, internet.com's Internet Stock Index was up 12.64, or 1.48 percent, to 868.19, the Nasdaq Composite had gained 11.09 to 4,141.90 and the Dow Jones industrial average had lost 29.01 to 11,531.71.
One of the biggest losers was high-speed chip maker Broadcom Corp. (BRCM), off 11-1/8 to 317-3/8. Investors were punishing the stock even though the company reported earnings of 31 cents a share, 4 cents better than analysts' expectations. It also set a 2-for-1 stock split.
A number of firms revised their targets on the stock, including Salomon Smith Barney, which raised its price target by $100 to $400 and maintained a "buy" rating. Goldman Sachs upped its fiscal 2000 earnings estimate to $1.43 from $1.25 and Dain Rauscher Wessels upped its target by $130 to $430 and maintained its "buy" rating.
Go2Net Inc. (GNET) had climbed 6-21/32 to 98-21/32. The Internet directory reported a fiscal first-quarter profit of 16 cents a share, 9 cents better than expectations.
Doubleclick Inc. (DCLK) had lost 4-3/32 to 118-23/32. The company reported a fourth-quarter loss of 3 cents a share before special items. That's 2 cents better than forecasts.
Juniper Networks Inc. (JNPR) was up 13/16 to 119-9/16. The company reported fourth-quarter profits of 3 cents before special items. That beat forecasts by 2 cents.
Digital Island Inc. (ISLD) was up 3/8 to 82-3/8 after trading as high as 86-11/16. The computer network provider purchased privately-held Live On Line Inc. for $70 million in cash and stock.
E*Trade Group Inc. (EGRP) was off 3/16 to 27-3/4. The online broker reported a first-quarter net loss of 2 cents a share. On an operating basis, the company lost 15 cents a share, beating estimates calling for a 21-cent loss. Revenue grew 42 percent to $246 million. The company also signed up 330,000 new accounts.
Beyond.com Corp. (BYND) had climbed 5/16 to 8-1/4. The online software store said it would move out of the consumer space and refocus on the business-to-business market.
Hoover's Inc. (HOOV) was off 7/8 to 11-1/2. The online business information provider reported a third-quarter loss of 21 cents a share, 3 cents better than analysts were expecting. Revenue jumped to $5.5 million from $2.3 million a year ago.
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