Internet Stocks in Perpetual Rerun Mode

SkyMall and Sel-Leb are among the stocks benefiting.
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SAN FRANCISCO -- In technology trading today, Net stocks rocked and rolled, much like a broken record. Again. The

Nasdaq

set another all-time record. Again. At least something was different: The Nasdaq's gain was less than eye-popping.

Hey, in this market, that's notable.

Nowhere does the speculation run more rampant than with

Amazon.com

(AMZN) - Get Report

, which must be the greatest retail outlet the world has ever produced, at least according to the stock's valuation. Basking in its newfound "affordability" following its 3-for-1 split earlier this week, Amazon added another 20 13/16 points to close at 158 7/8. It has breezed past the 400 level when taking into account the split and is now roughly 7 points away from a 500 level.

The portals remain hot as well. Shares of

Yahoo!

(YHOO)

were up another 28 7/8 to 320,

Excite

(XCIT)

closed up 4 3/4 and Lycos closed up 6 3/16 at 72 3/8.

In the "You can fool me once, and you can still fool me again" category, shares of

SkyMall

(SKYM)

soared more than 40% after the in-flight catalog retailer announced it had formed a wholly owned subsidiary, skymall.com, to operate and expand its Internet business. Skymall reached a high of 48 on Dec. 28, after the company touted its Internet sales. It began to slide late last week on news that the company's CEO sold 675,000 shares after the stock's run-up to raise capital so he could exercise options from other investors. It fell as low as 15 7/16 on Tuesday before rallying today.

And everyday it seems an Internet announcement rallies a stock that's never been heard from previously. Today, the stock is

Sel-Leb Marketing

(SELB) - Get Report

, which was up almost 500% at one point during the day after announcing a new financing agreement with Merrill Lynch that will help it launch a Web site. It ended the day at 6 5/8, up 4 1/16.

"New financing always gets someone's attention, but it's a routine announcement," said Jan Mirsky, executive vice president of finance for Sel-Leb. "I was a bit surprised and shocked at the uptick, but the stock was undervalued."

The Paterson, N.J.-based company reported sales of $13.3 million for the nine months ended Sept. 1998 and net income was down 85% to $63,000.

Sel-Leb manufactures, distributes and markets cosmetics and consumer products using celebrities endorsers (get it? "Celebs" -- Sel-Leb). Mirsky says their celebrity endorsers include the

Home Shopping Network's

Jerome Alexander.

Right.