Internet Feeding Frenzy Continues

Yahoo! soars ahead of its earnings announcement tomorrow.
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The

Nasdaq

rose 39.6 points to yet another record high of 2,384, its seventh straight record close as technology stocks -- especially shares of Internet companies -- went on a rampage.

Shares of

Intel

(INTC) - Get Report

and

Yahoo!

(YHOO)

rose ahead of earnings reports Tuesday, as did

Broadcast.com

, which announced a 2-for-1 stock split.

"Today is solely Internet stocks. Nothing else is really happening," said

Courtney Smith

, chief investment officer for

Orbitex

, which manages $65 million in its tech funds.

Amazing Moves

Yahoo! rose 71 points, or 21%, ahead of its earnings on Tuesday and amid expectations that the portal powerhouse will announce a stock split after its earnings report. The only question that concerned traders and investors was about how big of a split Yahoo! was to offer -- with speculation that Yahoo! could offer a 5-for-1 split (a 2-for-1 split is viewed as too conservative). Yahoo!'s gain was impressive, but it still pales in comparison to the gain posted by

go2net

(GNET)

, which rose 44 points, or close to 68%. The move came after

Pacific Crest Securities

initiated coverage of the company with a strong buy rating and indicated that company shares were worth at least 125, according to a

Reuters

report. An analyst said the company was one of the few Internet companies to show it can be profitable, according to the report.

Going Once...

The auction business appears to have a Midas influence.

Ticketmaster's

(TMCS)

purchase of

CityAuction

, which operates cityauction.com, sent shares of Ticketmaster up 11 1/4 points, or 20%, to 67 1/2. The logic must be that Ticketmaster is a relatively inexpensive way to own an Internet auction site.