Those investors who sent shares of
almost 100 points higher on Friday were rewarded today when the company announced a stock split.
When broadcast.com rallied on Friday, officials would not comment on the stock move, saying it was company policy -- even refusing a request from the
. Today, broadcast.com approved a 2-for-1 split for stockholders of record at the close of business on Feb. 1.
The company's directors made the decision to split the stock at a meeting Saturday. Sherry Manno, spokeswoman for broadcast.com, said the company was not concerned that there was any impropriety ahead of the announcement. She said the company has disclosed publicly all of the information that was necessary.
Broadcast.com is up more than 50 points today at 245. The stock split just added to the unbridled enthusiasm, similar to the frenzy that followed before
Broadcast.com did appear at last week's
Morgan Stanley Internet Networking and Software Conference
, and many companies that made presentations there saw their share prices rise dramatically -- though none quite like broadcast.com.
Earning Their Wings
Investors who believed in
have been behind the stock's big push since early December. That belief was apparently justified today when the company reported earnings that exceeded analysts' expectations. The company announced that last quarter's revenues grew 63% and that 132,000 new customers were added. Although E*Trade reported a first-quarter loss of $13.2 million, or 23 cents a share, that was better than analysts' forecasts of a 30-cents-per-share loss. E*Trade was up more than 10 points today to 78 1/16 after reaching an all-time high of 80 1/2 earlier in the day.
It will be a big week for earnings reports, with
both reporting earnings on Tuesday. Shares of Intel were up 5 5/8 at 135 1/2. Intel is expected to report earnings of $1.07 per share, according to
Yahoo was up close to 40 points, or more than 11%, at 384 1/2. Sources indicated that some of the rise stems from beliefs that Yahoo will also announce a split when it releases its earnings. Yahoo is expected to report earnings of 16 cents per share.
Another climber ahead of earnings was
Advanced Micro Devices
, which reports after the close Jan. 13. AMD was up 2 5/16, or 8%, at 30 1/4. The company is expected to announce earnings of 18 cents a share, according to First Call.
Moves in Amazon
No update would be complete without a mention of Amazon.com. The stock was up again, but off its highs. Amazon was up 15 7/8 at 177 1/8. For those looking for any signs that a run-up could be over, the stock has dropped steadily since reaching a high of 189 1/4 in the first five minutes of today's trading. It followed a trading pattern Friday, when it soared close to 40 points at 199 1/8 early on, then fell prey to profit-takers throughout the day and ended only marginally higher.
Gains in the stocks mentioned above are helping the Nasdaq to a 14.70 gain early today.
TheStreet.com Internet Index
is up 35 points, or 7%.