SAN FRANCISCO -- Dow 10,000 is getting much of the attention, but
has its own magic number -- $300 million.
That's the amount that company officials announced
co-founder Paul Allen would be investing in the company. Allen also will be tendering an offer for a 54% interest, or 5 million shares, of Go2Net at 90 per share. According to a press release from the company, Allen will integrate and offer Go2Net's portal services over the cable companies he is affiliated with.
Trading in Go2Net was halted pending the news, but once it was resumed, shares jumped to an all-time high of 107. The stock was recently trading up 14, or 16%, to 101.
Internet stocks were among the big gainers leading the
, with a number of the big names posting sizable increases.
Friedman Billings Ramsey
began coverage of the stock with a buy rating and set a 300 price target. The stock was recently up 19 1/2, or 9%, to 241 1/2.
was among the leading point gainers in the Nasdaq, riding on the coattails of published reports that
were discussing the possibility of an alliance. NBC owns a small portion of CNet. CNet climbed 10 1/4, or 12%, to 96 1/2 in early afternoon trading.
Also among the day's early winners was
, which reached a new high after it announced that
would provide eFax's fax-to-mail service to its members for free.
Going for Brokerage
Online brokerages got a lift on news from
that it would best earnings estimates. Schwab announced that it expects first-quarter earnings of between 31 cents and 34 cents per share. The
consensus estimate is 26 cents.
Schwab was trading up 2 3/4, or 3.3%, to 86 3/4 early this afternoon. Also,
Donaldson Lufkin and Jenrette
gained 3 7/16, or 5.37%, to 67 7/16. DLJ's
online brokerage service was rated No. 1 in a
report this week.