All's well in the technology sector, and Internet stocks were on the rise again early on.
TheStreet.com Internet Sector
index was up 21.01, or 1.8%, at 1203.87 in early trading.
TheStreet.com New Tech 30 was up 48.42, or 6.2%, at 830.53. The
was up 79.97, or 1.7%, at 4776.66.
Among the companies expected to
present today at the
Robertson Stephens Tech 2000 Conference
. Amazon was down 1 1/4, or 1.8%, at 67 5/8 in early trading. DoubleClick was down 8, or 9.0%, at 80 13/16.
The Wall Street Journal
were distancing themselves from DoubleClick due in part to concerns about how DoubleClick is handling privacy issues. The story indicates that AltaVista was limiting release of customer information to DoubleClick and other companies with which it has partnerships. Kozmo.com, which provides home-delivery service for Internet customers, was accelerating steps to end its partnership with DoubleClick, according to the story.
, which presented at the Robbie Stephens conference yesterday, was down 1 5/64, or 0.8%, at 128 31/64. CMGI announced that it would be forming a new venture capital partnership,
Hicks Muse Tate & Furst
Pacific Century CyberWorks
. Each entity will invest up to $500 million to aid the development of Internet companies based in Asia, Europe and the Americas.
was up 8 3/4, or 6.1%, at 152 1/8 in early trading. The online auctioneer and
announced a plan to let online sellers take credit-card payments when selling over the Internet. Wells Fargo will take a 35% stake in the effort, which will be called
. eBay will charge a 35-cent fee for each transaction and receive 3.5% of gross merchandise sales.
Writing about the agreement,
analyst Anthony Noto indicated that if 25% to 50% of current transactions move to credit cards in the coming years, it could generate for eBay an additional $12 million to $25 million in net income, or 8 cents to 17 cents a share, per year. Noto wrote that he expected several near-term catalysts for eBay, including its launch of
, a horizontal B2B platform.
Noto also mentioned that eBay was gaining traction internationally, and interestingly enough, today's
Wall Street Journal
has a story about a German online auction site that was having success taking on eBay in Germany.
was up 3 1/2, or 6.3%, at 59 7/16. The name-your-own-price service said after the close yesterday that it would create a new company to expand its service to Australia and New Zealand. The new firm, which will be called
, will be led by two top executives of Australia's biggest telecommunications company
was up 1 7/8, or 9.4%, at 21 7/8.
online travel agency said it will take a one-time reserve of $4 million to $6 million in the current quarter, which is related to fraudulent transactions on Expedia.com. Expedia said the company was working with federal law enforcement agencies to combat a recent increase in fraudulent transactions by criminals who illegally obtained credit cards from non-Expedia.com sources and used those stolen cards to purchase travel online. The credit cards were not obtained from Expedia.com, and customers were not affected by this occurrence.
Online brokerages continued to rally on enthusiasm that the current quarter will be a good one based on strong trading volumes. Any number of research firms came out hawking the brokerages today. Online brokerages have been among those Internet stocks that have fallen out of favor in recent months, so the recovery this week has helped squeeze out shorts, creating a double dose of buying in the sector.
was up 3 5/32, or 16.9%, at 21 27/32;
was up 1 7/8, or 7.6%, at 26 1/2;
was up 15/16, or 2.2%, at 42 15/16;
was up 2 1/16, or 18.9%, at 13; and
was up 1 3/8, or 8.9%, at 16 3/4.
National Discount Brokerage
, which gained 14 1/2 points yesterday, was seeing some profit-taking, down 2 11/16, or 5.9%, at 42 13/16.
, which develops customer relationship management and electronic commerce software, was up 10 1/2, or 7.3%, at 155 after the company approved a 2-for-1 stock split.