SAN FRANCISCO -- priceline.com (PCLN) has taken off again this morning, though it hasn't been able to carry the rest of the Internet sector on its wings.
The stock returned to the offensive after
Donaldson Lufkin & Jenrette
, an underwriter in the company's recent IPO, initiated coverage of priceline.com with a buy rating. In a research note released this morning, DLJ analyst Jamie Kiggen said priceline.com should be "a core Internet holding" and placed a six- to 12-month price target of 190 on the stock, using "a discounted cash flow valuation as well as a customer valuation model" to arrive at the target price. It was trading up 6, or 4.5%, at 140 3/8, though that already was off its session high of 145.
Internet stocks were mostly weaker in early action, continuing the selloff seen late on Thursday.
In his latest Inside Wall Street column,
Gene Marcial plugs both
Modern Media Poppe Tyson
Hauppauge receives mention for its product that allows users to view TV programs in a resizable window on their PC. The company also could announce a joint venture with a large Internet company that broadcasts streaming media programming on the Web, according to a money manager quoted in the column. Shares of the stock were trading up 3, or 24%, at 15 1/2.
An increase in advertising dollars on the Internet could help Modern Media return to 45, the level it raced to on Feb. 5, its first day of trading, the column notes. The stock was lately trading up 6 3/4, or 28%, at 31.
was sharply lower after reporting quarterly results Thursday night. The company posted first-quarter earnings of 34 cents a share, in line with the
consensus and above the year-ago 26 cents, but said it sees revenue and profits falling in the second quarter.