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Technology Stocks : Open Text

OTEX 34.56

-3.9%

Nov 7 9:30 AM EST

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To: dzzhang who wrote (714)	3/9/1998 2:53:00 PM
From: dzzhang	Read Replies (1) of 1195

Internet stocks surge as investors shift assets LOS ANGELES, March 9 (Reuters) - Internet company stocks surged Monday as investors rushed to shift funds out of the stocks of hardware and chip makers, analysts said. The change of strategy made Internet service providers and companies involved in Internet commerce among the biggest gainers on Nasdaq. Amazon.Com (AMZN - news) was up 7-1/2 to 84-1/4. Yahoo! Inc (YHOO - news) jumped 5-3/16 to 85-3/4. Excite Inc (XCIT - news) rose 4-5/16 to 52-13/16, and Onsale Inc (ONSL - news) added 2-13/16 to 31-1/2. On the New York Stock Exchange, America Online Inc (AOL - news) was up 3-1/2 to 125. The steep gains followed a wave of earnings warnings last week by several computer and chip makers, which was helping make Internet companies the investment of choice in the technology sector. ''As we get into the next (earnings) reporting period, we are seeing more preannouncements. It appears investors are shifting their assets,'' said BancAmerica Robertson Stephens analyst Keith Benjamin. Among the companies warning of weaker than expected earnings last week were Compaq Computer Corp (CPQ - news), Motorola Inc (MOT - news) and Intel Corp (INTC - news). While these companies are feeling the pinch of reduced demand, analysts said the slowdown does not appear to affect Internet-based businesses, which continue to benefit from a surge in the number of people going online.

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