A familiar scenario played out in the technology sector. The sector rebounded after a big down day as whatever it was that freaked out investors Monday has all but faded from memory.
TheStreet.com Internet Sector
index was up 52.14, or 4.0%, to 1345.11, closing in on its all-time high of 1350.16 from March 10.
was among the leading gainers, up 20 13/16, or 11%, to 209 13/16 on news that it had developed software for delivery to wireless network operators. As part of the announcement, Inktomi said it had formed alliances with six companies, including
Elsewhere, old and new joined forces when
announced that they have formed an alliance that involves marketing each other's goods and services. Under the agreement, AOL's products and services will be marketed to Sears' customers at its stores. The venture also includes plans to market and sell high-speed broadband access as the market develops. AOL was up 2 1/4, or 3.7%, to 63 9/16 on the news, while Sears was up 5/8, or 2.3%, to 28 1/16.
was up 9 7/8, or 3.3%, to 307 7/8 following a flurry of
deals on Monday. After the close, Ariba announced a partnership with
to develop an application through which businesses may pay suppliers completely online, either by using a purchase card or through a transfer of funds. That news followed an earlier deal with
for the companies to develop a marketplace for small- and medium-sized businesses to buy goods over the Internet.
In analysts' action,
initiated coverage of
by adding it to its recommended list. Inforte is an e-business architect specializing in automating corporate chains of supply and demand. Goldman analysts placed a 12-month price target of 94-100. Goldman was the lead underwriter for the Inforte IPO last month. It was up 3 1/4, or 4.9%, to 70 1/4.
Goldman also put out a note on
, after the company held a conference call providing guidance for the closing of its
acquisition. The call also addressed initiatives for
, in which the firm has a controlling interest. Goldman analysts upped revenue estimates to $22.2 million from $16.2 million for 2000 and to $68.8 million from $52.5 million in 2001, though they noted that the acquisition "will increase losses substantially for 2000 and 2001." Loss estimates jumped to $3.62 from $2.03 in 2000 and to $2.82 from $1.22 for 2001. Goldman has not done underwriting for Stamps.com, which was was up 2, or 6.2%, to 34 3/8.
was up 10, or 18%, to 64 1/2.
U.S. Bancorp Piper Jaffray
raised the price target on the stock to 154 from 40 and reiterated a strong buy rating. Analyst Safa Rashtchy noted that the company's revenue growth was "much faster than expected," and new operations could include "B2B exchange and auction models with 50% upside potential to our estimates."