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

To: Jing Qian who wrote (21320)	4/10/1999 9:10:00 AM
From: Glenn D. Rudolph	Respond to of 27307

Internet stocks dazzle amid fresh wave of IPOs By Scott Hillis LOS ANGELES, April 9 (Reuters) - Internet stocks extended their bull run on Friday, but despite their gravity-defying performance, analysts said the sector could fly even higher amid expectations of strong earnings next week. The sector was buoyed on Friday by more dazzling initial public offerings (IPOs), which seemingly insatiable investors snapped up with relish. Shares in networking software maker Extreme Networks Inc. <EXTR.O> more than tripled on their first day of trading while iTurf Inc., with its teen-oriented Web site, soared 150 percent after its initial public offering. And shares of USInternetworking Inc. <USIX.O>, a provider of software and security packages, more than doubled in their debut on the Nasdaq market. "It's a typical volatile week," said Mark Cavallone, an analyst with the S&P Equity Group. "You get a number of fairly big-profile IPOs that tend to push up the whole sector." Investors were cheered earlier in the week after profits of online media group Yahoo! Inc. <YHOO.O> beat Wall Street forecasts, rising to 11 cents a share for the first quarter, before acquisition charges, from 2 cents a year earlier. "Next week, there are more companies reporting so you could see some more excitement. Investors could be expecting them to post better-than-expected numbers," Cavallone said. Keith Benjamin, a senior Internet analyst with BancBoston Robertson Stephens, said despite the hype surrounding Internet initial public offerings, Yahoo's bullish results pointed to the sector's strong underpinnings. "While it remains easy to dismiss Internet stocks based on challenges of rationalizing valuations, we remain encouraged by underlying fundamentals as we start reporting season with Yahoo's strong results," Benjamin said. "We believe there are still opportunities to accumulate the stocks of a few inherently large companies caught by some confusion, but set to report impressive first quarters," Benjamin said. In the next two weeks, companies such as software giant Microsoft Corp. <MSFT.O>, Internet portal Go2Net Inc. <GNET.O> and online media company Excite Inc. <XCIT.O> are set to announce quarterly earnings. Among the other big gainers on Friday, online community theglobe.com <TGLO.O> surged nearly 40 percent after news of a stock split and Internet service provider EarthLink Network Inc. <ELNK.O>, which rose about 11 percent to around $87. Internet bank Net.B@ank <NTBK.O> gained about 18 percent, continuing a bull streak triggered earlier in the week after it reported opening a record number of new accounts. To be sure, the sector had a few losers, with shares in Audiohighway.com, a provider of online audio, falling nearly 14 percent to about $30. RealNetworks, which makes software enabling the delivery of audio and video over the Internet, was off about 4 percent. Analysts said those declines reflected profit-taking after strong gains in recent days after news last week that Yahoo bought Internet broadcaster Broadcast.com <BCST.O> for $5.7 billion.