Net Sector Dips After Early Climb on PPI

IPOs continue to rule, with FreeMarkets ready to shine after Bear Stearns sets a 300 price target on the stock.
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A tame

Producer Price Index

was seen as an excuse to buy early

today, though some traders have taken advantage of the spike to book profits into the weekend. Internet Sector

index was down 4.33, or 0.4%, at 1102.29 in recent trading after pushing as high as 1132.02 early in the session.

(AMZN) - Get Report

continued to rally after receiving positive

comments from

J.P. Morgan

yesterday. It was up 2 5/8, or 2.5%, at 106 1/4. Shorts were likely getting squeezed after yesterday's rally.


Suzanne Galante

trekked all the way to Amazon's distribution facility in Fernley, Nev., to get a

firsthand look at how the company is dealing with the holiday rush.

A couple of stocks are moving following action by analysts today.

Robertson Stephens


Network Associates


to a buy from long-term attractive. Robbie analyst John Powers wrote that Network Associates has languished due to concerns about the company meeting fourth-quarter revenue and earnings estimates. But Powers indicated he was confident that fourth-quarter business was good and the stock was trading at a "compelling valuation."

Powers placed a near-term price target of 35 to 40 on the stock. It was up 1 7/8 at 27 in early trading. Robertson Stephens has done underwriting for Network Associates. We tipped readers off to Network Associates on


Robbie Stephens also was trumpeting


, another company it has done underwriting for. It was up 4 1/4, or 3%, at 149 1/8. The note apparently was in response to an announcement from





(MSFT) - Get Report

earlier this

week regarding development and marketing of end-to-end solutions for the wireless Internet

Robbie analyst Marianne Wolk wrote that while the Ericsson/Microsoft venture "could ultimately present with competition, it is our view that it is no threat today. We believe it could be at least six to 12 months before a product is released, and even then the venture will have to play catch-up to's significant head-start in the wireless Internet market."


Ticketmaster Online-CitySearch


was up 4 1/4, or 10.7%, at 44 after

Donaldson Lufkin & Jenrette

upgraded the stock to buy from market perform with a 70 price target. Analyst Jamie Kiggen wrote that both Ticketmaster and CitySearch businesses had "terrific business momentum," and his price target reflected "the valuation disparity between TMCS and its peer group." DLJ has done underwriting for Ticketmaster-CitySearch.

IPOs will remain in the spotlight, with


(FMKT:Nasdaq), a business-to-business online auctioneer set to shine. The 3.6 million share IPO was priced at $48 per share, above the anticipated range of $40 to $42. But even before it could trade,

Bear Stearns

initiated coverage on it with a buy rating and a 300 price target.


took a look at FreeMarkets back in