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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: tonyt who wrote (8518)	7/2/1998 8:24:00 AM
From: Glenn D. Rudolph	Respond to of 164684

By Andrea Orr PALO ALTO, Calif., July 1 (Reuters) - Internet stocks continued to storm ahead of the rest of the stock market on Wednesday amid expectations of rapid growth in the online business and more mega-deals between Internet services and the media companies. Joining the usual leaders in the Internet stock sector -- such as Amazon.com Inc and and Yahoo! Inc -- was the Internet advertising company DoubleClick Inc . DoubleClick surged 14-5/16 to close at 64 after announcing it had the third largest online advertising audience, behind only Yahoo! and America Online . Along with the that news there were other developments that suggested promising outlooks for individual companies and for the sector at large. Netscape Communications Corp jumped 8-10/16 to close at 35-11/16 one day after it unveiled a new, more consumer- friendly Web site and said it was talking to all the major media companies over possible alliances. And At Home Corp signed 10 distribution agreements to offer high-speed Internet access through cable modems in markets all around the United States. At Home shares closed at 53-1/2, up 6-3/16. While many investors been keen on Internet stocks for some time now, there has also been a pool of naysayers who believed the business was being over-hyped. With every new deal of a media giant investing in an Internet business and every new study showing growth in Internet use, the pool of optimistic investors grows and the cynics have a harder time maintaining their positions. Philip Leigh, Vice President of Internet Investment Research in St. Petersburg, Florida, said one source of the recent gains in stock prices appears to be short-sellers unloading their positions. "There are people who shorted Amazon.com at $50, and now it's at $110," said Leigh. "They're scared of losing more money." "I think what is becoming evident to most people is that the Internet and the new media are really kind of one theme. Generally, institutional investors are very smart, but,like anything else that's new, it takes awhile for people to appreciate its true value." One Internet executive said the level of deal making among between media giants and Internet business has become so intense it was getting hard to identify a company that wasn't being targeted for some sort of alliance. "I don't know of an Internet portal company that isn't in major conversations with the big media companies," added David Wetherell, president of the direct marketing company CMG Information Services Inc , which holds large stakes in a number of Internet companies, including Lycos Inc .