To: neverenough who wrote (2021 ) 9/17/1998 2:43:00 PM From: TokyoMex Read Replies (1) | Respond to of 19700
Amazon, Yahoo!, Others Surge as Investors Seek Asia-Free Stocks Seattle, Sept. 16 (Bloomberg) -- Amazon.com Inc., Yahoo! Inc. and other Internet-related stocks surged as investors sought technology stocks that won't be hurt by Asia's economic troubles. Yahoo!, the No. 1 online search directory, rose 9 to 93 3/8 in trading of 12.2 million, making it the ninth most actively traded stock in U.S. markets. Top online bookseller Amazon.com surged 11 1/2 to 84 1/2 in trading of 6.5 million. Some of the largest technology companies in the U.S., such as Computer Associates International Inc., have warned that Asia's economic troubles will crimp sales. That's causing some investors to seek companies whose future sales and earnings appear to be untarnished by problems outside the U.S. ''The fundamentals of these companies have been and still are on track despite of Asia,'' said Ryan Jacob, portfolio manager of the Internet Fund. ''Asia has zero percent effect on these stocks.'' Other gainers included Inktomi, an Internet search directory, which rose 7 3/4 to 66 7/8 and CMG Information Services Inc., an Internet investment company, which surged 8 to 48. Many of the Internet stocks have been battered in recent weeks amid a broader decline in U.S. stocks. These lower prices are also spurring some investors to consider putting money into companies that were as much as 50 percent more expensive a month ago. ''There's been a recent drop in the prices of these highly valued Internet stocks. That makes them more attractive'' to investors,'' said Paul Foster, a trader at 1010 Wall Street, a Chicago options-strategy company. 17:00:11 09/16/1998 Any redistribution of Bloomberg content, including by framing or similar means, is expressly prohibited without the prior written consent of Bloomberg L.P. Any reference to the material must be properly attributed to Bloomberg News. The information herein was obtained from sources which Bloomberg L.P. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities.(C) Copyright 1998 Bloomberg L.P. BLOOMBERG, Bloomberg News, Bloomberg Financial Markets, Bloomberg Television, Bloomberg News Radio are trademarks, tradenames and service mar