To: SSP who wrote (14511 ) 11/17/1999 11:15:00 AM From: Jim Bishop Respond to of 150070
U.S. investors bid up overseas Internet stocks NEW YORK, Nov 16 (Reuters) - The U.S. trade agreement with China helped fuel U.S. investor demand for Asian, European and Latin American Internet access providers and media companies, sending their shares soaring on Tuesday. Among the most active issues were Hong Kong-based China.com Corp. (NasdaqNM:CHINA - news), a supplier of Internet services throughout the Asia-Pacific region, and EuroWeb International Corp. (NasdaqSC:EWEB - news), a Central European Internet access provider. In addition, shares of America Online Inc. (NYSE:AOL - news) posted new gains as it introduced a new Brazilian online access service, its first in Latin America, while rival StarMedia Network Inc. (NasdaqNM:STRM - news), an Internet media network aimed at Spanish and Portuguese speakers, also benefited. Analysts said the stock moves were triggered in part by enthusiasm following Monday's agreement between China and the United States clearing the way for Beijing to enter the World Trade Organization, easing recent Internet investor fears. ''They're all running up in sympathy with China.com, and the reason why China.com is running is the fact of that China is about to enter the World Trade Organization,'' said Conley Turner, analyst with Wall Street Strategies. China.com rose 25 percent, or 27-13/16, to 129 after hitting a high of 136 earlier Tuesday. China Prosperity Holdings (NasdaqNM:CPIH - news), a supplier of high-speed Internet access over the Chinese telephone network, surged more than 400 percent to 5-1/4, up 4-1/4 on the day, but volume was light. Euroweb gained 186 percent, or 3-11/16, to 5-3/4. Shares of Internet Initiative Japan Inc. (NasdaqNM:IIJI - news) were up 7 to 78-3/8 and StarMedia was up seven to 39-1/4. All four issues trade on the Nasdaq stock market. ''In addition, companies that have done deals have done well,'' FAC Equities analyst Ullas Naik said. E.piphany Inc. (NasdaqNM:EPNY - news), which helps companies manage Internet and phone communications with customers, saw its stock shoot up 34 to 146-1/2 after it agreed to acquire RightPoint for more than $400 million. E.piphany, which went public in September, also basked in the glow of Tuesday's initial public offering by rival communications management software maker Quintus Corp. (NasdaqNM:QNTS - news), which jumped 173 percent by mid-afternoon to 49. Online brokerage firms continued their rise of recent days on the heels of predictions by several financial analysts that companies such as Knight/Trimark Group Inc (NasdaqNM:NITE - news) are poised to see record stock trading volumes this month, boosting results.