Mr. Toad's got nothing on
TheStreet.com Internet Sector
What a wild ride!
The DOT headed to a 52-week high of 920.61 in the first half hour of trading -- a nice height considering its subsequent 15-point freefall over the next two hours. A slight recovery after lunch faltered horribly, sending the index a point and change away from the red. It managed to strengthen a bit and pull out a new record close of 902.37, which isn't saying much considering it tops yesterday's record by fewer than 5 points.
Amazingly, the sector pumped out this gain without any help from bellwethers. Industry leaders
all posted losses of 2 or more.
Today's leader was
, which held the flashlight steady and kept the sector on the right track. It rose 21 3/4, or 21%, to 124 5/8 on news of a pair of analyst actions.
resumed coverage of the stock with a market outperform rating, while
upped its price target to 186 and reiterated its strong buy rating.
Flyweight components helped buoy the sector, keeping in the green despite the lack of heavyweight punching power.
hit a 52-week high and rose 6%.
rose 11%, while
posed gains of 5% or better.
rose 3 1/16, or 9%, to 37 7/8 on news that its board approved of its purchase by
, which will lay the groundwork for the creation of
, which will eventually be taken public. In July, Disney purchased the 58% of Infoseek that it did not own.
The small gain looms even larger considering
dug in their heels and dragged the sector down further.
RealNetworks dropped 14 13/16, or 9%, to 144 3/16, after
raised its price target to 200. Apparently, investors felt this level was unrealistic given RealNetworks' recent problems. Yesterday, a
PC Data Online
report mentioned that rival
Windows Media Player is gaining ground on RealNetworks' Real Player. Also, the company's negotiations to Webcast
TV content combusted, with Warner execs claiming RealNetworks' demands were the deal breaker.
Meanwhile, Lycos couldn't fetch any gains after announcing a deal to create a consumer information Web site with
. The site,
, would allow consumers to check their own credit ratings. Investors were not excited. Lycos fell 1 15/16, or 3%, to 56. Equifax fell 7/8, or 3%, to 26 1/16.
TheStreet.com E-Commerce Index
dropped 0.09 to 121.21, hurt most by a steep 11% drop in
It's too painful to watch.
TheStreet.com E-Finance Index
dropped all day long and was last seen stumbling into the bell. Much of the sector weakness was due to profit-taking. Today's loss of 5 1/16 gives back all of yesterday's gain. Not to worry, e-bankers are still up 34% in November.
A handful of new issues sold like sodas at a Little League game.
Two companies that provide content or access to foreign speakers did quite well.
, which targets Spanish and Portuguese speakers, was priced at $13.14 on 22.3 million shares. It gained 24 15/32, or 183%, to 38 1/4. Not to be left out,
, priced at $18 on 10.1 million shares, rose 17, or 94%, to 35 1/16.
Riding on the coattails of the IPO excitement was
China Prosperity International Holdings
, which rose 21 9/16, or 205%, to 32 1/16.