Reuters, Friday, February 27, 1998 at 11:23
NEW YORK, Feb 27 (Reuters) - Internet stocks hit record
highs Friday morning on the heels of President Clinton's
proposal to ban U.S. and international taxes on cyberspace
business transactions.
"You still see some of the glow of President Clinton's
statement (Thursday) that he was against an Internet tax,"
Hambrecht & Quist analyst Paul Noglows told Reuters.
Internet search engine provider Yahoo Inc (NASDAQ:YHOO) soared
6-1/8 to a new record high of 74-1/4 and electronic book seller
Amazon.Com Inc (NASDAQ:AMZN) hit a record high of 79-5/8 but traded
at 77-1/2, up 4-3/4, later in the morning.
"There should be no special breaks for the Internet, but we
can't allow unfair taxation to weight it down and stunt the
development of the most promising new economic opportunity in
decades," Clinton told some 300 high-tech industry executives
at a San Francisco conference Thursday.
Other Internet merchandizers and providers that saw their
stocks appreciate Friday morning included: search engine
provider Excite Inc (NASDAQ:XCIT), up 3-9/16 at 47-3/4; high-speed
access Internet provider At Home Corp (NASDAQ:ATHM), up 3-1/16 at
35-3/16; and direct marketer CMG Information Services Inc
(NASDAQ:CMGI), up 2-3/4 at 46.
Internet auctioneer Onsale Inc (NASDAQ:ONSL) also was up 1-15/16
at 27-3/4, while Internet advertising company DoubleClick Inc
(NASDAQ:DCLK) rose to a new high of 33, up 3-1/4. DOUBLECLICK went
public at $17.00 a share Monday.
Internet merachndising and related advertising revenues
will be "an important source of revenues for these companies
going forward," said Noglows of firms like Yahoo.
Other Internet companies that derive part of their revenues
freom merchants peddling their wares in cyberspace indeed saw
their stocks rise. Lycos Inc (NASDAQ:LCOS) gained 1-7/8 to 41-9/16;
Infoseek Corp (NASDAQ:SEEK) rose 1-3/16 to 16-3/16.
Internet service providers MindSpring Enterprises Inc
(NASDAQ:MSPG) and giant America Online Inc (NYSE:AOL) bucked the trend
with MindSpring losing 1/4 at 49 and AOL shedding 11/16 at
Fax 212 859-1717))
Copyright 1998, Reuters News Service
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:YHOO
Yahoo! Inc
NASDAQ:AMZN
Enter S |
