Internet Shares Rise on Ad Revenue Optimism
By MYLENE MANGALINDAN
c.1998 Bloomberg News
ÿ ÿ ÿ ÿ ÿAmazon.com Inc., Yahoo! Inc., America Online Inc. and other
Internet stocks climbed Friday on optimism that advertising and
electronic-commerce revenue will rise as the companies broaden their
services and expand globally.
ÿ ÿ ÿ ÿ ÿAmazon, the world's largest online bookseller, soared 6 1/2 to
116. Lycos Inc. rose 6 5/8 to 64 1/2, and No. 1 Internet directory
Yahoo! rose 4 1/4 to 91 5/8. America Online, the No. 1 online service,
climbed 6 1/2 to 111 7/8.
ÿ ÿ ÿ ÿ ÿInternet companies soared in anticipation of a surge in
consumer use of the global computer network, especially rapid growth in
electronic commerce. Investors are betting that companies such as ETrade
Group Inc. and Amazon that sell goods and services online, as well as
online gateways such as Yahoo!, will see a big boost in revenue from
increased Web use.
ÿ ÿ ÿ ÿ ÿ''We expect the (Internet) stock group to end the year at new
highs, based on seasonal uptick in traffic, advertising and commerce,
starting in September,'' said Keith Benjamin, an analyst with
BancAmerica Robertson Stephens, who rates AOL ''strong buy.''
ÿ ÿ ÿ ÿ ÿETrade, an online brokerage, rose 1 9/16 to 28 11/16. Excite
Inc., the No. 2 online search service, rose 4 1/16 to 45 15/16.
ÿ ÿ ÿ ÿ ÿOther Internet-related stocks got a lift, including Inktomi
Corp., which surged 11 1/2 to 59 1/4, and online ad agency DoubleClick
Inc., which rose 5 1/2 to 43 1/4. EarthLink Network Inc., an Internet
service provider, rose 4 5/8 to 40 1/2. |
