giveth and the Dow taketh away.
Today, the Dow was giving. It was giving and providing support to an otherwise weak technology sector. After dropping more than 60 points early in the session, the Dow has righted itself and was recently trading about 68 points higher. With the Dow providing some stability, the
has trimmed what was once a 125-point loss to around an 18-point loss of late. Internet stocks were bouncing around as well.
TheStreet.com Internet Sector
index, which has traded as high as 1283.24 and as low as 1211.13, was recently up 24.83, or 1.9%, at 1274.13.
A couple of things are at play here. There remains some uncertainty about the broader market and whether it will eventually weigh on the technology sector despite the recovery in the Dow. And with the Nasdaq still near record highs, there's plenty of profits out there that traders want to take if things do slip.
There certainly were profits to take on
after it soared 46 25/32 Tuesday on news that
was buying the domain-name registrar. It recently was giving back some of Tuesday's gains, down 14 25/64, or 4%, at 393. VeriSign was down 7 3/8, or 3.8%, at 192 1/2, though it had traded as low as 183.
announced that it was
, a private company focused on Internet trading technology. Under terms of the all-stock deal, VerticalNet will issue about 2 million shares of common stock in exchange for Tradeum, placing its value at roughly $500 million. VerticalNet was up 3 1/4, or 1%, at 240 3/4.
Investors Go Fishing for IPO
, the Japanese email service that investors hungry for Asian stocks have been waiting for, burst out of the IPO gates on the Nasdaq this afternoon.
The stock, which
Morgan Stanley Dean Witter
priced at $24.50 on Monday, opened at 96, 292% above its offer price, and soared to a high of 101 before coming back down. It was up 69 1/2, or 290%, at 93 1/2 in recent trading.
The company's success wasn't a surprise (
took a look at Crayfish
last week). Investors were eager to welcome the entry by
, a Japanese Internet investment firm that rivals powerhouse
and has a 50.1% stake in Crayfish. Crayfish is also hot on the heels of other Asian Nasdaq successes, including
Japanese investors will also have a shot at getting in on Crayfish on Friday, when it goes public on the
Tokyo Stock Exchange
's recently-launched high-tech
Datek Problems Fixed
An alert reader notified us that
online trading system was having problems earlier today. According to Mike Dunn, director of public relations for Datek, the technical problems affected the company's ability to process orders and lasted for about an hour until they were fixed around 11:45 EST. He said traders were advised to call Datek and received the online rates for their phone orders. However, the reader indicated that he had to wait 20 minutes to get to someone to process his order. Fortunately, he was in Chicago and was trading from his apartment with the windows open, enjoying the mild weather that has reached much of the country.