For a while, the
was on an upward course. But over the past month, technology has had its setbacks, and with each one, there have been proclamations by bears that it was the beginning of the end for tech. But each time, it appears, tech comes back even stronger than before, glaring at bears like the
Atlanta Hawks' Dikembe Mutombo
stares down an opponent after blocking a shot.
The Nasdaq and
managed to rally in synch today, with the Nasdaq adding 118.84 points, or 2.6%, to 4696.60, topping the Dow's gain of 0.9%. Strength in the chip sector and biotechs continued to fuel the rally, with Internet stocks higher, though lagging the rest of tech.
TheStreet.com Internet Sector
index closed up 28.31, or 2.5%, at 1182.86.
TheStreet.com New Tech 30 finished up 28.88, or 3.7%, at 810.99.
Among the day's top performers,
ended up 13 3/16, or 11%, at 129 9/16. The company made news on a number of
fronts early today but really picked up steam after
read a research note from
on the company.
The note indicated that CMGI remains "at the top of our list of stocks to own for 2000." Analyst Michael Graham indicated there were a number of catalysts that could drive the stock in the near future. In addition to today's launch of its
entertainment network, CMGI also was participating in the
Robertson Stephens Tech 2000 Conference
after the close. Graham also pointed out that CMGI will report second-quarter results on March 9 and revised his forecast to a $1.20 per-share loss from one of $1.38 to reflect one-time gains on investments and other liquidity events during the quarter. Robertson Stephens is acting as an adviser in CMGI's acquisition of
, another venture capital firm, closed up 30 7/16, or 21%, at 174 15/16 after announcing a 3-for-1 stock split.
The other big success story in the Net sector was with the online brokerages. Gains came after
National Discount Brokerage
said that it expected to "substantially exceed analysts' projections" for its current quarter. It finished up 14 1/4, or 46%, at 45 1/4. NDB said it would report earnings in the range of 95 cents to $1.05 a share in its current fiscal third quarter, on estimated record revenue of $125 million to $135 million. The
First Call/Thomson Financial
estimate is for an 8-cent gain, though with only two analysts making a forecast.
index closed up 6 5/8, or 9.3%, at 78 9/32. Among the online brokerages,
closed up 1 3/4, or 8%, at 24 5/8;
finished up 2 9/16, or 16%, at 18 11/16;
added 4 5/8, or 12%, at 41 15/16; and
pushed up 3 3/4, or 32%, to 15 3/8.
Investors weren't sure how to read news that
would open cable-TV lines to several Web providers. The move apparently was an effort to ease concerns of regulators who must approve the merger, though it could also face criticism for whether it allows for nondiscriminatory access. AOL ended down 1 1/2, or 3%, at 59 1/8, though it traded as high as 62, while Time Warner finished down 1 7/16, or 2%, at 85 1/4.
, a provider of e-commerce infrastructure solutions for secure portal management, closed up 17 3/16, or 25%, at 85 1/2. The company made a couple of announcements, including one that it has developed new technology for securing and managing affiliate networks. The technology will allow companies to link affiliates together in what the company says is a "virtual portal" to provide a unified set of services to customers.