There. It's done. We can quit talking about it. Get the CNBC special over with. Nasdaq 4000 is out of the way after the index closed above that level for the first time in history.
The Nasdaq Composite Index ended up 69.36, breezing through the 4000 level to close at 4041.47, up 1.8%. It seems an appropriate end to the year even though it came a couple days ahead of year-end. Fittingly, there was outrageous price movement in one stock based on a research note, and Internet stocks joined in the revelry.
TheStreet.com Internet Sector
index closed up 40.25, or 3.6%, at 1162.22. It eclipsed its previous high close of 1159.06 made on Dec. 21.
The tech sector needed little encouragement to push higher, but got it this morning when
placed a 1000 price target on
. And the stock responded -- in a big way. Qualcomm ended the day up an astounding 156, or 31%, at 659.
And Qualcomm's news actually pushed the spotlight away from the other stock with a 1000 price target,
. In a profit-taking move that began late yesterday, Commerce One ended the day down 40 1/16, or 16%, at 209 15/16. Sellers have emerged in the stock after it nearly reached the four-digit price target yesterday when it traded as high as 331 (it split 3 for 1 last week). There also was some concern about lockup of 36 million shares being lifted in the stock yesterday. The company did say that officials are prohibited from selling shares until three days after its financial results are released. The report is tentatively scheduled for Jan. 25.
Though Commerce One became "passe" today, momentum players found another
B2B stock to latch onto.
, which provides services for the selection and management of enterprise software, closed up 21 1/2, or 45%, at 68 13/16 after
Banc of America
initiated coverage of the stock with a buy rating and 86 price target. But
readers didn't need Banc of America to tell them Intraware was a gem in the rough; our own
broke this baby back on Dec. 13.
also benefited from a research note and new price target.
Donaldson Lufkin & Jenrette
maintained its buy rating on the stock, but upped his price target to 300 from 190. Analyst Jamie Kiggen revised his model on DoubleClick to reflect its recent acquisition of
. Kiggen wrote that gross margins in DoubleClick will improve to greater than 50% from 38% because of higher gross margins from Abacus (80%) and NetGravity (53%). DoubleClick closed up 28 3/16, or 13%, at 249 1/8.
A couple of e-tailers also were in the news, but with mixed results.
closed down 27/32, or 12%, at 6 1/32 on news it would be narrowing its focus and laying off 47% of its workforce.
took a detailed look at the announcement in an earlier
scrambled up some old news to create a souffle. The company put out a press release touting its accomplishments in a report released by
last week. Egghead, which sells new and surplus computers, electronics, sporting goods and vacations, improved to the 10th spot of top e-commerce sites for the period ended Dec. 19. Media Metrix released the numbers Dec. 23.
What Egghead.com left out of the release was that its increase wasn't huge compared to the previous week, especially considering the move into one of the busiest periods of the Christmas shopping season. Approximately 1.1 million unique visitors visited the site for the week ended Dec. 19. That's an improvement of about 100,000 from the Dec. 12 period. And in that Dec. 12 report, Egghead.com was in the 11th spot, so it only climbed one slot. Nevertheless, give the company credit for spinning a good tale and also for taking the No. 6 slot in Media Metrix's top 10 e-commerce gainers week to week. Egghead.com showed 42% average improvement week to week in the three weeks from Nov. 28 to Dec. 12. Egghead.com closed up 4 5/16, or 37%, at 15 7/8, though that was far from its session high of 24.
Finally, online brokerages emerged from a winter slumber to close higher. Gains followed word from
that it was set to post record earnings in the fourth quarter. The company said it averaged 236,000 trades a day through Dec. 27 and opened an average of 6,400 new accounts per day during December. It said revenue would top $1 billion in the quarter.
Schwab finished up 5 5/8, or 16%, at 39 15/16. Other brokerages rode on Schwab's coattails.
ended up 2 3/4, or 11%, at 28 1/2, while
added 2 7/8, or 14%, to 23 3/8.