SAN FRANCISCO -- The recently out-of-favor Internet sector got a lift this morning from an old friend.
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Internet analyst Henry Blodget is recommending
. CIBC Oppenheimer confirmed that the analyst had made those recommendations and that
was another stock Blodget was recommending.
In early trading, Amazon.com was up 4 1/4 at 93 3/4, and Yahoo! was up 3 at 131 7/8. Amazon.com and Yahoo! have both slid sharply from highs reached in January. Amazon.com has shaved more than 100 points from its 199 1/8 high set Jan. 8. Yahoo! reached a high of 222 1/2 Jan. 11, but traded as low as 124 Thursday. (Note that prices are on a postsplit basis.)
Blodget made a name for himself by forecasting a 400 price target on Amazon.com in
December, and the stock reached that level less than a month later.
Blodget will be one of a number of Internet experts to appear in
TSC Net Stock Summit
I Said "Technical Analyst"
Salomon Smith Barney
has not downgraded
, as was rumored late Thursday.
A source at the firm said the rumor apparently got started after a
reporter said he had heard reports that a "technical analyst" had downgraded the stock, and some viewers had interpreted it to be a downgrade by a fundamental analyst. The source said a technical analyst did downgrade the stock to avoid/lighten from hold, but there was no change in the rating from the fundamental side.
Salomon fundamental analyst Neil Herman said he maintains a buy rating on the stock and reiterated that in a report this morning, saying recent weakness in the shares due to ongoing litigation with the
Department of Justice
represents an "excellent buying opportunity." In early trading, Microsoft was 1 1/4 higher at 147.
Positive words from
Mark Edelstone on
are helping the company this morning. Edelstone said that Rambus was a good buy following Thursday's 7 1/8-point decline. He said there were rumors about
level of commitment to Rambus over the long term, which were untrue. He said Intel was "highly committed" to Rambus, which was up 5 1/4 at 66 1/2 in early trading.
Concerned about the future of Net stocks? TSC is holding a special summit on Friday to discuss the Internet sector. Join columnists James J. Cramer and Herb Greenberg, Andy Kessler of Velocity Capital, Nicholas Moore of Jurika & Voyles, CIBC Oppenheimer's Henry Blodget, Internet Fund manager Ryan Jacob and Brian Salerno of Munder Capital. You'll be able to listen to a live broadcast of the event and later read the transcripts -- but first, help us shape the discussion. Visit
this page for the details.