Internet stocks were mixed as the trading session wound down, with traditional plays giving way to more in-favor stocks in the sector.
TheStreet.com Internet Sector
index was up 6.68, or 0.59%, at 1141.96 in recent trade. The DOT had traded as high as 1151.74 before running out of gas, while
TheStreet.com New Tech 30, which includes some of the more hip Net plays, was holding onto gains, up 17.78, or 2.6%, at 706.86.
Traders were not getting overly aggressive ahead of
Humphrey-Hawkins testimony on the economy and monetary policy before the
banking committee. As our own Elizabeth Roy pointed
out in an earlier piece, Greenspan's testimony has often triggered weeklong bond-market moves in excess of 2 points on the long Treasury bond in one direction or the other. And a strong move in the Treasury market would undoubtedly have an impact in stocks.
In addition to Greenspan, Treasuries and the stock market will be focused on the inflation indicators set for release tomorrow and Friday. The
Producer Price Index
will be reported tomorrow, with the
Consumer Price Index
to follow Friday. Their impact on expectations for Fed policy has been great of late.
Traditional Internet bellwethers were having another rough go midday and were serving to hold back the rest of the sector.
was down 3 5/8, or 2%, at 166 3/8 in recent trade. Yahoo! may be smarting from yesterday's strong earnings
report by rival
. Lycos was up 4 7/16, or 6%, at 73 1/2.
was off 1 15/16, or 3%, at 71 7/8, while
was down 3, or 2%, at 145 1/2. Check out
columnist Adam Lashinsky's
take on the out-of-favor consumer-oriented Internet companies in an earlier piece.
One traditional play breaking out was
. The stock was up 8 25/64, or 16%, at 61 1/2 today. Sources said that company management was on a road show this week, which may be accounting for some of the stock's gains.
Earlier this week, CNet announced a deal with
in which Ingram will license CNet product data to expand its content offerings on its e-commerce marketplaces to more than 140,000 resellers. The data is designed to enhance the purchase decisions of computer product resellers online. Note that
, a competitor to CNet data services, has fallen since the announcement was made on Monday. pcOrder was down 3/16, or 0.57%, at 32 7/8 today after trading as high as 44 on Monday.
was up 18 1/8, or 7%, at 266 1/8. The customer service software maker said that it would provide software to manage online user email for Yahoo!
was up 3 1/4, or 6%, at 57 1/4 after the company said today that it was offering free Internet service in Latin America.