There's no sense in trying to explain the madness that drives the Internet sector. It continues to feed on itself like some mutant organism.
Despite a soft bond market, a downgrade of
, disappointment with a merger in the sector and a temptation to take profits, Internet stocks continued to flourish.
TheStreet.com Internet Sector
index finished up 24.51, or 2.2%, at 1154.01, the seventh consecutive session it has reached an all-time high close.
As usual, there were a number of standouts, including
, which closed up 26 1/4, or 9.5%, at 304 for no other reason than the company announced a 2-for-1 stock split on Friday. And sticking with the split theme,
Internet Capital Group
closed up 22 1/2, or 20%, at 135 on the first day it traded at a post-split price.
, which is expected to report financial results on Wednesday, ended up 17 9/16, or 9%, at 211 5/8.
finished up 14 3/16, or 17%, at 96 5/16 on news of an expanded relationship with
ended up 10 1/2, or 6%, at 178 1/45 on news that
would incorporate Inktomi search engines into a number of its properties.
But a number of Net issues slipped on profit-taking, including both Yahoo! and
, both of which reached all-time high closes on Friday. Yahoo! finished down 2 7/16, or 1%, at 351 1/16, while Amazon ended off 4 3/16, or 4%, at 102 1/2. Also,
, which gained around 19 on Friday following an announcement of new technology, finished down 13 5/8, or 8%, at 164 1/8 today.
The other big story in the Net sector today revolved around investors' disappointment in a high-profile merger. Internet consulting firms
agreed today to merge in a deal valued at around $8 billion.
joint newsroom examined the deal in an earlier
piece. US Web closed down 7 1/16, or 14%, at 43 13/16 on the news, while Whittman-Hart finished off 24 3/4, or 31%, at 54 1/2.
business-to-business companies that are all the
rage in the universe of
closed up 20 3/4, or 21%, at 117 3/4 after it agreed to buy privately held
, a company that makes software to help businesses set up Internet marketing campaigns. Also,
ended up 19 7/8, or 11%, at 198 3/8.