Sure, TheStreet.com Internet Sector index tacked a few points on to Friday's record close. But there was an awful lot of red on those trading screens that included Internet stocks.
The DOT edged up 16.10, or 1.6%, to close at another record of 1044.64. But gains in the index reflected strong performances in only a couple of stocks, most notably
. Profit-taking after the ongoing rally left many other issues marginally lower.
Yahoo!, which will be added to the
Standard & Poor's 500
after the close tomorrow, finished up 27 13/16, or 11%, at 280 13/16. Inktomi, which said it would split its stock 2 for 1 on Friday, added another 13, or 9%, at 158 after gaining close to 20 points on Friday. Both are members of the DOT.
But not all was positive in Internet world. Online financial stocks were tripped up by news that
fourth-quarter earnings would fall short of
index finished down 1 15/32, or 1.9%, at 77 1/8.
The biggest story of the day involved
, which said it would be granting access to
to use its high-speed cable lines after 2002.
MindSpring ended up 3 11/16, or 11%, at 36, while
, which is merging with MindSpring, closed up 4 7/16, or 8%, at 57 13/16.
, which currently has access to the lines and is partly owned by AT&T, closed down 3 1/16, or 6%, at 49.
, which also has a vested interest should AT&T open its lines to all ISPs, closed up 2 7/16, or 3%, at 80 13/16.
closed up 31 1/8, or 16%, at 232 1/8 on news that
would factory-install Red Hat's Linux on its entire server line.
ended up 30 3/4, or 15%, at 236 11/16 after
Dain Rauscher Wessels
reiterated its strong buy rating and raised its 12-month price target on the stock to 250. Analyst Stephen Sigmond indicated the company had "strong momentum across all business lines." Dain Rauscher Wessels has done underwriting for VeriSign.