Investors Jump Back Into Net Sector After Early Dip
A strong payroll figure and Lucent's (LU) - Get Lufax Holding Ltd American Depositary Shares two of which representing one Report earnings warning weren't enough to dissuade investors from getting back into the Internet sector.
TheStreet.com Internet Sector
index was up 38.93, or 3.8%, at 1065.33 in recent trading. The DOT dipped on the opening to 1023.26, but never fell below yesterday's low of 1022.55. Investors may have seen Thursday's sharp drop as a good entry point ahead of what should be a positive earnings season, kicking off Tuesday with
Yahoo!
(YHOO)
. And while the headline payroll number in the employment report was large, other components didn't stir up fears that the
Fed
would need to raise interest rates aggressively. As we
mentioned before, traders may have been waiting for the employment report to get out of the way before putting money back to work.
Many of the sector favorites were rebounding after dropping big over the past few sessions. Yahoo! was up 18 1/16, or 4.9%, at 386.
CMGI
(CMGI)
, which has seen heavy profit-taking lately, was up 16 7/16, or 6.6%, at 266 7/16.
Internet Capital Group
(ICGE)
was up 11 1/4, or 7.5%, at 166 1/4, while
TheStreet Recommends
DoubleClick
(DCLK)
was up 17 1/2, or 9%, at 216 1/2. Many stocks in
TheStreet.com New Tech 30 index were also screaming ahead.
Among stocks in the news,
RealNetworks
(RNWK) - Get RealNetworks Inc. Report
was up 9 13/16, or 9%, at 123 on news that it had entered into a pact with
Seagram's
(VO) - Get Vanguard Mid-Cap ETF Report
Universal Music Group
,
The Wall Street Journal
reported. The agreement will allow digital music from Universal's catalog to be sold and played on RealNetworks' RealJukebox software. Universal also will distribute RealJukebox.
Wal-Mart
(WMT) - Get Walmart Inc. Report
said it was joining with Silicon Valley-based venture capital firm
Accel Partners
to form
Wal-Mart.com
, a Palo Alto, Calif.-based, independent concern that they intend to take public. Wal-Mart was up 1 3/8, or 2%, at 65 1/16.
E-tailer
Amazon.com
(AMZN) - Get Amazon.com Inc. Report
was up 4 7/16, or 7%, at 70, recovering from recent weakness after announcing its fourth-quarter sales were strong, though without an improvement in the bottom line.
