A lot of conversations this weekend included some market talk, mostly focused on technology stocks, and nearly all featured success stories about unbelievable gains that traders had made. Trading in tech has been fully embraced by the public, just another example of why the tech-stock infatuation shows few signs of slowing down.
TheStreet.com Internet Sector
index was up 38.57, or 3.2%, at 1259.67 in early trading.
TheStreet.com New Tech 30 was up 105.22, or 13.5%, at 887.33.
Last week, presentations at the
Robertson Stephens Tech 2000
conference helped support many Internet stocks. This week,
is holding its
conference in Snowbird, Utah. Among the companies presenting
. In early trading, AOL was down 1/2, or 0.9%, at 57 1/8; Yahoo! was up 15 3/4, or 10%, at 173 3/4; and eBay was up 10 1/2, or 7.0%, at 160.
A number of stocks were moving because of action by brokerage houses.
Internet Capital Group
was among the leading point-gainers on the
, up 27 15/16, or 24%, at 147 after Robertson Stephens upgraded the stock to strong buy from buy with a price target of 250. Robertson Stephens has done underwriting for Internet Capital.
Analyst Eric Upin wrote that Internet Capital was Robertson Stephens' top pick in the B2B space and wrote that upcoming catalysts for the stock include an investor forum this week, deals that were in IPO registration, "additional
-caliber partnerships" and international expansion initiatives.
Robbie Stephens also was banging the drum on
, strongly recommending that investors purchase shares of the stock in advance of its analyst day tomorrow. Analyst Lauren Cooks Levitan wrote that priceline could provide an update on its first-quarter business and new business initiatives. Robertson Stephens has done underwriting for priceline.com. priceline was up 9 3/8, or 12.5%, at 84 3/8 in early trading.
was touting the online brokerage industry. Analyst Richard Repetto focused on declining customer acquisition costs, writing that costs were estimated at $253 per net new account in the current quarter, down 21% from $321 in the previous quarter. He explained that the lower costs were attributable to the lag effect between when marketing dollars are spent and when actual new accounts are brought on, and the record levels of trading seen in February.
Repetto raised quarterly estimates on
Ameritrade was up 3/4, or 3.9%, at 20 1/16. DLJdirect was up 9/16, or 4.6%, at 12 15/16, while E*Trade was up 1 1/8, or 4.4%, at 26 11/16.
Herb Greenberg had the scoop on E*Trade pulling future advertising orders in an earlier
was up 10 15/16, or 22.4%, at 59 11/16 after
initiated coverage of the Internet-based marketing firm with a buy rating and a 12- to 18-month price target of 80. Bear Stearns has done investment-banking work for the company.
Among other stocks in the news,
was up 5 21/32, or 3.9%, at 152 17/32 after announcing a 2-for-1 stock split.