Nevertheless, losses in Procter & Gamble following its earnings
warning this morning sent the Dow sharply lower and, along with selling in the
after it topped 5000, temporarily derailed the Internet sector. Once investors realized that potato flakes have little to do with Internet stocks, however, the Net sector bounced back.
TheStreet.com Internet Sector
index was up 18.53, or 1.5%, at 1271.27 in recent trading after trading as low as 1247.99 on the back of P&G's preannouncement.
TheStreet.com New Tech 30 was up an amazing 113.20, or 14.5%, at 895.32.
remained the day's big winner following
would purchase the domain-name registrar for $21 billion in stock. Network Solutions was up 50 7/8, or 14%, at 411 1/2, while VeriSign was down 39 7/8, or 16%, at 207 9/16.
Other movers included
, up 4 1/4, or 48%, at 13 1/16. Gains came on news that E-stamp was selected as the exclusive Internet postage provider for
campaign, which focuses on the operations of small offices.
was up 6 7/16, or 27%, at 30 although there was no news out on the company.
The IPO market remained scorching with the debut of
, a broadband telecom services provider. The stock was up 16 7/8, or 84%, at 36 7/8 in recent trading.
was up 3 7/16 or 2%, at 165 after announcing a partnership with
to create an auction-style marketplace for consumers and dealers to buy and sell used cars on the Net. eBay also made an equity investment in AutoTrader.com.
In analysts' actions,
software was up 15 1/2, or 7%, to 252 after
raised its rating on the Internet security software company to strong buy from accumulate, and nearly doubled its price target to 281 from 143.
Prudential analyst Paul Merenbloom wrote that "while we note expected continued volatility in Check Point shares, unlike other Internet-related stocks, this company's products and services comprise an absolutely critical component of the Internet economy and infrastructure."
, which dropped 14% yesterday after
began coverage of the provider of business-to-business services for electronic commerce with a luke-warm intermediate-term accumulate rating, was up 11, or 5%, at 251 after
Morgan Stanley Dean Witter
began coverage of the stock with an outperform rating.
Morgan analyst Charles Phillips noted that valuation of the stock would be based on valuation of other B2B e-commerce enablers, which were trading in the range of 26 to 320 times year-2000 revenue estimates. At the time of the note, webMethods was trading at 269 times 2000 estimates, though Phillips wrote he expected webMethods to be valued at the high end of the range "due to its robust product and accelerating growth in a large target market."