Active Apparel Group Rises a Whopping 680%

The debut of its Web site sends the company's stock soaring.
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Decliners issues may be outnumbering advancers as the major stock proxies move off their highs of the day at mid-afternoon, but, led by the technology sector, the advancers are putting on a much more exciting show.

On the

Nasdaq Stock Market

, the leading advancers registered three-digit percentage moves. The biggest advancer on the day,

Active Apparel Group

(AAGP)

, rose 8 7/16, or a staggering 680%, to 9 11/16, after announcing the debut of its Web site. Likewise,

800 Travel Systems

(IFLYW)

was up 4 13/16, or 151%, at 8, while

Skymall

(SKYM)

was up 20 7/8, or 165%, at 33 1/2. The leading decliner on the Nasdaq,

Image Entertainment

(DISK)

, was down only 1 15/16, or 19%, at 8 1/4.

On the

New York Stock Exchange

the numbers are smaller but the story is the same. The leading advancers,

Mossimo

(MGX)

and

America Online

(AOL)

, were up 17% and 13% respectively, while the leading decliners,

Ziff Davis

(ZD)

and

Zapata

(ZAP)

, were down 12% and 10%.

Skymall is the most active issue on the Nasdaq, while AOL is most active on the NYSE today.

Big moves by Internet issues like AOL,

Yahoo!

(YHOO)

and

Amazon.com

(AMZN) - Get Report

were continuing to support

TheStreet.com Internet Sector Index

, but the major stock proxies were off their afternoon highs. The DOT was lately up 19 at 449, on pace to break the record it set last Thursday.

Of the major indices, the

Russell 200

was lately up 2, or 0.6%, at 408. The

Dow Jones Industrial Average

was up 20, or 0.2%, at 9238. The

S&P 500

now appears unlikely to improve on last Wednesday's close at 1228.54. It was lately up 0.5, or 0.04%, at 1227. Even the

Nasdaq Composite Index

, which got as high as 2869.89, was up only 19, or 0.9%, at 2182.

On the

New York Stock Exchange

, 1,638 decliners outnumbered 1,377 decliners on volume of 430 million shares, with 97 new highs and 52 new lows. On the Nasdaq, there were 2,330 decliners and 1,857 advancers on volume of 706 million, with 137 new highs and 88 new lows.

The 30-year Treasury bond was up but off its best levels of the day. It was last trading up 25/32 at 101 13/32, yielding 5.16%.

2:09 p.m.: S&P Poised to Close at New All-Time High

Early afternoon finds the

S&P 500

making a try at a new all-time high, and the other major stock proxies at or pushing back toward their best levels of the day. Meanwhile, frenzied pursuit of Internet stocks has

TheStreet.com Internet Sector Index

moving toward a new all-time high.

As of 1:40 p.m. EST, S&P's index was up 3 at 1229, off its midmorning high but on pace to knock down its Dec. 23 record close at 1228.54.

Led by components

America Online

(AOL)

,

Yahoo

(YHOO)

and

Amazon.com

(AMZN) - Get Report

, TheStreet.com Internet Sector Index was up 26 at 456, just off its afternoon high.

The

Dow Jones Industrial Average

was up 36 at 9254, just off its afternoon high of 9262 and 20 points shy of its Nov. 23 all-time high of 9374.27. The

Nasdaq Composite Index

was likewise slightly off its afternoon high of 2190, lately up 23 at 2186, but still short of its best levels of the summer.

The small-cap

Russell 2000

was lately up 3 at 409, also just slightly off its afternoon high.

On the

New York Stock Exchange

, decliners were beating advancers 1,564 to 1,374 on volume of 352 million, but new highs outnumbered new lows 93 to 47. On the Nasdaq, 2,206 decliners outnumbered 1,865 advancers with 580 million shares changing hands, and 129 new highs crushed 74 new lows.

AOL was the most active issue on the NYSE, with 17 shares changing hands, while on the Nasdaq, catalog company

Skymall

(SKYM)

held the lead with 20 million shares changing hands.

The 30-year Treasury bond was extending its gains on thin volume. It was lately up 1 2/32 at 101 17/32, with a yield of 5.15%, the lowest in nearly a week.

12:50 p.m.: Midday Musings : All Eyes on the Red-Hot Internet Sector

12:10 p.m.: We've Seen This Rally Before

Accounting for the day's activity has become a game of Mad Libs. Here goes:

All major stock indices are (insert an adjective or verb describing "up") again heading into the afternoon. Not unexpectedly, the Internet stocks are acting like a (insert favorite description of a large, out-of-control motorized vehicle), led by (insert

Yahoo

(YHOO)

or

Amazon.com

(AMZN) - Get Report

).

Equities are continuing the pre-holiday rally, even though the major indices are all up less than 1%. Stocks don't appear to be affected by the reports that Iraq fired on U.S. and British fighters over the no-fly zone in the northern region of the country. The fighters reportedly attacked the defense site that fired on the planes.

The market has given back a bit of its gains in the waning morning hours on thin volume -- just 220 million on the

New York Stock Exchange

. The

Nasdaq Composite Index

was up 19, or 0.9%, to 2182.

The

Dow Jones Industrial Average

was up 18 points to 9236. The

S&P 500 Index

was barely in the black, up 1 to 1227.

DaimlerChrysler

(DCX)

shares continue to rise, up 4 5/16, or 4.6%, to 98 1/2, slightly off the intraday all-time high of 99 1/16.

On the New York Stock Exchange, advancers were lagging behind decliners by 1,346 to 1,415. The

Nasdaq Stock Market

showed 1,720 advancers versus 2,012 decliners.

A total of 83 stocks reached new highs on the NYSE, while 29 hit new lows. On the Nasdaq, 109 stocks were at new highs while 51 were at all-time lows.

The 30-year Treasury bond continued to trade well, up 21/32 lately to trade at 101 4/32, with the yield declining to 5.17%.

Tech Focus

TheStreet.com Internet Index

rose 22, or 5%, to 451, off the all-time intraday high of 455.7 (also reached today). Among the Internet stocks, Yahoo was the leader of the pack, up 32 to 279 1/4, a 12.9% gain. Shares of

America Online

(AOL)

, the most actively traded today on the NYSE, rose 13 3/16, or 9.6%, to 149 13/16.

The

Morgan Stanley High-Tech 35

was up 2%, the

Philadelphia Stock Exchange Computer Box Maker Index

was up 1%, and the

Philadelphia Stock Exchange Semiconductor Index

was down 0.3%.

The large-cap companies such as

Cisco

(CSCO) - Get Report

,

Microsoft

(MSFT) - Get Report

and

Lucent Technologies

(LU)

were all higher, with Lucent the best performer of the bunch. Shares of the telecom equipment company were up 4 to 111 1/2, a 3.6% gain on 2.2 million shares. Cisco was up 1 1/16 to 95 3/16 and Microsoft was up 15/16 to 142 11/16.

Goldman Sachs

introduced coverage on

E-Tek

(ETEK)

with a market outperform rating. Shares of E-Tek were up 2 15/16 to 25 13/16 or 11.8%.

Meanwhile,

Lehman Brothers

raised its 12-month target price on

Iona Technologies

(IONAY)

to $45 a share from $40 a share. Shares of IONAY rose 3 to 38, an 8.5% gain.

11:01 a.m.: Holiday Euphoria Continues Through Late Morning

That's

seven

days up in a row for the

Dow

, and six of seven for the

S&P

. But today's best gainer in terms of percentage, was (duh) the Nasdaq Composite Index, up 1.2% on the back of more Internet stocks.

The usual suspects were responsible, including

Yahoo

,

(YHOO)

, up 29 1/2, or 12%, to 276 15/16.

TheStreet.com Internet Index

was up 26, or 6.0%, to 455.

Ziff-Davis

(ZD)

shares continued to decline, after

Morgan Stanley Dean Witter

analyst Doug Arthur cut the stock to neutral from outperform. Shares were down 2 1/4, or 10.2%, to 18 3/8. Shares of the advertising company had run up after Ziff-Davis announced an IPO that would track

ZDNet

, its on-line effort.

The Dow Jones Industrial Average was up 28 to 9246. The

S&P 500 Index

was up 3 to 1230. Meanwhile, the

Russell 2000

rose 3 to 408.

DaimlerChrysler's

(DCX)

announcement that 1998 sales would rise 13% put traders in a good mood this morning -- the stock was up lately 4 3/16, 0r 4.8%, to 98 3/4.

KN Energy

(KNE)

, a natural gas company, said Monday it expects a shortfall in 1998 earnings. Earnings are expected to be 20% to 30% lower than 1997 earnings of $2.45 per share. KNE shares were down 2 3/16, or 5.7%, to 36 1/8.

On the

New York Stock Exchange

, advancers outpaced decliners by 1,344 to 1,225. The

Nasdaq Stock Market

showed 1,642 advancers versus 1,681 decliners.

A total of 71 stocks reached new highs on the NYSE, while 22 hit new lows. On the Nasdaq, 94 stocks were at new highs while 29 dropped to all-time lows.

The 30-year Treasury bond was up 24/32 lately to trade at 101 7/32, with the yield declining to 5.17%.

10:08 a.m.: Internet Stocks Jump at Open

It's an upside open on Wall Street, with Internet stocks finishing 1998 with the same kind of bang they've enjoyed all year.

TheStreet.com Internet Sector

index was up 12 to 441, on pace for yet another record close, with

Amazon.com

(AMZN) - Get Report

up 10 5/8 to 336,

Yahoo

(YHOO)

up 11 3/16 to 259 and

America Online

(AOL)

up 4 5/16 to 140 15/16.

The

Nasdaq Composite Index

was up 17 to 2180, the

Dow Jones Industrial Average

was up 11 to 9229, the

S&P 500

was up 2 to 1229 and the

Russell 2000

was up 2 to 407. Meanwhile, the 30-year Treasury bond was up 19/32 to 101 2/32, yielding 5.18%.

Most Up at Open -- NYSE

DaimlerChrysler (DCX) , up 3 7/8 to 98 1/16

: The company said its 1998 earnings would beat 1997's and its 1999 would show substantial positive effects from the merger of

Daimler-Benz

and

Chrysler

.

Most Up at Open -- Nasdaq

SkyMall (SKYM) , up 16 7/16 to 29

: The catalog company said it expects to report a 600% rise in 1998 Internet sales, to $2.1 million.

Most Down at Open -- NYSE

IBM (IBM) - Get Report, down 1 3/16 to 186 3/4

.

Most Down at Open -- Nasdaq

Multiple Zones (MZON) , down 4 to 25 1/2

.