Seattle, Feb. 19 (Bloomberg) -- Shares of Internet companies
rose in midmorning trading after CIBC Oppenheimer & Co. analyst
Henry Blodget said it's time to buy industry bellwethers
Amazon.com Inc. and Yahoo! Inc. following recent price declines.
Shares of Amazon.com, the No. 1 online book and music
retailer, rose 4 1/4 to 93 3/4, while Yahoo, the No. 1 online
directory, rose 3 1/2 to 132 3/8.
Since hitting records in mid-January, Seattle-based Amazon
has declined by about half, while Yahoo has dropped about 40
percent. On Wednesday, Softbank Corp., Japans's top software
distributor and a major shareholder in dozens of Internet
ventures, sold part of its stock in Yahoo to finance new
investments.
Blodget is telling his clients it ''may be time to buy''
shares of the companies, CNBC reported. Shares of Amazon surged
in mid-December after Blodget said it could reach $400 a share,
prior to its 3-for-1 stock split.
Other Internet-related shares rose. Internet access provider
At Home Corp. rose 1 11/16 to 98 3/4. Broadcast.com Inc., an
online broadcaster, gained 3 13/16 to 71 15/16. Internet
advertising agency DoubleClick Inc. rose as much as 4 1/4 to 86
1/4.
No. 2 online directory Excite Inc. rose 2 1/8 to 93 1/16.
No. 4 Internet directory Infoseek Corp. rose 1 5/8 to 61 1/4.
Lycos Inc., the third-largest Internet service, rose 3 to 87 1/4.
|
