Internet stocks were mixed along with the rest of the stock market today, as this morning's announced
mergers weren't enough to provide a spark to the sector.
TheStreet.com Internet Sector
index was down a modest 5.74, or 0.5%, at 1134.52 in recent trading, closer to its session low of 1128.66, but not that far from its session high of 1142.50.
TheStreet.com New Tech 30 was a little more active, down 11.23, or 1.8%, at 630.90.
has been one of the Net bellwethers helping to limit losses in the DOT. It recently was up 4 7/16, or 1.3%, at 357 15/16. In
technical analyst wrote that she felt Yahoo! could find a bottom somewhere between 250 and 300. It actually reached a low of 303 on Jan. 31, a day ahead of her column, and traded as high as 372 1/2 on Friday. Also, Yahoo!'s site seemed to be experiencing outages this afternoon, but a company representative had not returned a call seeking comment by publication time.
In his daily commentary report, Dick Dickson, technical analyst with
Scott & Stringfellow
, wrote that the technology sector should continue to push higher. Dickson wrote that techs "do not appear to be overbought," and a big pullback did not seem likely. Dickson pointed out that many of the tech indices are back to old highs, which could provide some resistance and are levels that need to be taken out for the rally to continue.
For the DOT, its all-time high is 1218.47 from Jan. 3. It reached a high of 1182.26 Friday, still below the Jan. 24 high of 1191.74. If the high is not taken out, Dickson said that the index could see a correction of about 5% from Friday's high.
"We still see lots of potential problems for the market, but right now, at least, it appears that momentum is the only thing that matters, and that remains up," he wrote.
Art Technology Group
was down 8 3/16, or 7%, at 108 7/16. Losses may be related to the lockup release of approximately 20 million shares Feb. 9. But in a note on the lockup today,
Credit Suisse First Boston
analysts wrote that any perceived weakness associated with the lockup should be viewed as a buying opportunity, and they reiterated a strong buy rating on the stock. CS First Boston has not done underwriting for Art Technology.
Approximately 6 million to 9 million of the 20 million shares will be off lockup from CEO Jeet Singh and CTO Joe Chung, according to the note. Credit Suisse First Boston analyst Brent Thill told
that the two officials were limited in how much they could sell and would likely sell around 5% of their holdings on a yearly basis, which he said was "standard reallocation." Thill also indicated that about half of the 6 million shares from Series D investors would be distributed to limited partners:
, which has 1.3 million shares, "has no intentions of selling," and the remaining investors would reallocate "in an organized manner." Thill said that the company is holding an investors' meeting Wednesday and he expects more good news to come from that.
Internet Capital Group
was up 3 15/16, or 3.3%, at 124 7/8.
initiated coverage of the stock with a buy rating and a 12- to 18-month price target of 200.