Net sector boosted in broad rally

Net sector boosted in broad
rally

AOL Time Warner tops profit target as
revenue rises

NEW YORK (CBS.MW) — Investors bid up Internet stocks Wednesday
morning as PC and chip companies hinted that the economic slump
hindering profit growth just might be tapering off.

The Goldman Sachs Internet Index ($GIN) rose 4.7 percent to 130.01
while the Nasdaq gained nearly 4 percent to $1997.

Standouts in the sector included AOL Time Warner (AOL). The world’s
biggest Internet and media conglomerate topped Wall Street’s profit
target, saying revenue rose 9 percent to $9.1 billion. Shares of
AOL-Time Warner $1.79, or 4.1 percent, to $45.69.

Yahoo (YHOO), a day after naming Hollywood executive Terry Semel to
succeed CEO Tim Koogle, saw its stock jump 72 cents to $18.03.

Software firm Ariba (ARBA) rose 33 cents to $6.09 while Commerce
One (CMRC) rose 64 cents to $9.75.

Shares of CNet (CNET) rose 47 cents to $10.54.