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Technology Stocks : Altaba Inc. (formerly Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: Lucinos who wrote (22740)	7/8/1999 6:44:00 PM
From: Philip Williams	Read Replies (1) \| Respond to of 27307

Yahoo spreads good cheer Brokers raise estimates; auspicious start to season By Bambi Francisco, CBS MarketWatch Last Update: 5:24 PM ET Jul 9, 1999 Internet Daily Net Headlines SAN FRANCISCO (CBS.MW) -- Internet stocks got a lift Thursday as Yahoo's stronger-than-expected quarterly results set the stage for a round of positive reports from the cyber group. "The important thing to remember here is the implications for the entire sector," said Alan Braverman, Internet analyst at Banc of America Securities, who upgraded his Net sector opinion three weeks ago from a "tepid" buy to a much stronger overall opinion. His reasons were largely based on expectations of an earnings surprise in the calendar quarter for the sector and that Yahoo's results would be the "touchstone" for the "upswing" in the quarter. "As Yahoo goes -- so goes the sector," he said. "And Yahoo came through as expected." Also as expected, shares of Yahoo's stock (YHOO: news, msgs), after surging as high as 175 1/4 at one stage, eased by midday and finished down 2 5/8, or 1.6 percent, to 164 7/16. Yahoo shares have closed lower by an average of 3.7 percent the day after it releases earnings seven out of the last eight reporting periods, according to LimResearch.com. (Watch a video of CBS.MarketWatch.com's interview with Yahoo CEO Timothy Koogle. 28.8 version.) "It could be a rotation," said James Glickenhaus at investment firm Glickenhaus & Co. "The investors who rode the stock from 6 to 244 and saw it go back down to 117 without getting out are saying I'm not having a heartache and put myself through this again. So, it's 170 -- goodbye." But there's new buyers coming in as well, said Glickenhaus, who's impressed with Yahoo's performance earlier in the day. "It's quite remarkable given the expectations." "It (Yahoo) is spectacular and it's a Rembrandt, but that's not to say it isn't cheap," he added. After the market closed Wednesday, the Santa Clara, Calif.-based Net portal company (YHOO: news, msgs) said it earned 11 cents a share in its fiscal second quarter, vs. the First Call consensus estimate of 8 cents. Sales for the quarter hit $115.2 million, soaring past the $45 million recorded in the year-ago period. According to First Call, 15 analysts reiterated their "buy" rating and seven reaffirmed their "strong buy" rating. See earnings story. Bruce Smith, an analyst at Jefferies & Co., reaffirmed his $300 price target on the Internet darling. "Because Yahoo is both the leading pure-play portal company and the first in its sector to report earnings, we believe the company's earnings announcement affects investor sentiment toward all related Internet stocks," said Smith, the Jefferies analyst. Yahoo's results also reflect the willingness on the part of advertisers to increasingly spread the ad budgets online. Leading online advertising solutions company DoubleClick (DCLK: news, msgs) jumped 3 11/16, or 3.8 percent, to 100 7/16.