For one day at least, there was an upward frenzy in the Internet sector as almost every big name rebounded from recent losses. Among the biggest risers: Amazon.com (Nasdaq: AMZN) closed up 12-3/16 to 123-1/2, Yahoo! (Nasdaq: YHOO) gained 14-7/16 to 158-7/8 and Lycos (Nasdaq: LCOS) climbed 8-7/8 to 96-5/8.
Leading the pack of big gainers was Paul Allen’s Go2Net (Nasdaq: GNET), which rocketed up more than 21 percent, gaining 26-3/4 to 152-1/8. Go2Net boosted investor optimism when chief operating officer Mike Riccio announced that the company was comfortable with analyst estimates for fiscal 1999. This might not seem that significant, but it’s encouraging for the entire Internet sector because Go2Net is turning into a profitable company.
Analysts have estimated that Go2Net will earn nine cents a share in the third quarter, compared to a loss of three cents in the same period last year. As for the entire fiscal year, Go2Net is expected to earn 26 to 27 cents, compared to a loss of 8 cents last year.