Yesterday's debacle was still fresh in the minds of many technology investors, who used an early pop in the market to exit from positions.
TheStreet.com Internet Sector
index was down 9.08, or 0.7%, at 1240.22 after trading as high as 1283.24 early in the session. The
was recently down 40.96, or 0.8%, at 4806.88, more than 100 points from its early high of 4923.14. A number of Internet companies are on tap to
report at the
plaNET.wall.street conference in Utah today.
Among stocks on the move,
was up 24 9/16, or 15%, at 193 after the company said it was in a business-to-business venture with
to create online B2B marketplaces. IBM will take an equity stake in both Ariba and i2. Ariba was up 25 3/8, or 8%, at 349 7/8 on the news, while IBM was up 2, or 2%, at 105.
was up 1 21/32, or 30%, at 6 25/32 after the company said after the close yesterday that its $15 million, 15-month contract with the
Internal Revenue Service
had been renewed. The company, along with
, delivers and maintains
software for approximately 130,000 computers within the IRS. The contract lets the IRS use Beyond.com software to distribute and manage software products across the Internet to its various sites.
was up 3 1/16, or 4%, at 81 11/16 following its well-received analysts' day yesterday.
First Union Securities
upgraded priceline to buy from hold following the meeting, "because the strong business momentum, accelerated product rollout, and new global initiatives far outweigh any pieces of the business model we don't like."
Revisiting the principles in yesterday's megamerger between
, now valued at around $17 billion vs. the $21 billion originally reported after VeriSign closed down at 200 Tuesday.
VeriSign was down 7 3/4, or 4%, at 192 1/4, while Network Solutions was off 17 25/64, or 4%, at 390.
actually upgraded shares of VeriSign to strong buy from buy with a price target of 300. Analyst Drew Brosseau wrote that losses in the stock yesterday created "a compelling buying opportunity." He wrote that the deal was positive for three reasons; "First, it's easily accretive. Second, it strengthens VeriSign's overall service offering with complementary services that carry a similar subscription business model. Finally, the combined entity will become the clear leader in business services on the Web, providing clear opportunity to stretch its lead." SG Cowen has not done underwriting for VeriSign.
was down 9, or 5%, at 169, though it traded as high as 181. The online marketing firm missed quarterly estimates yesterday, but announced a 2-for-1 stock split. Engage reported a second-quarter loss of 52 cents a share, wider than the six-analyst expected loss of 49 cents and the year-ago pro forma loss of 15 cents. The split will take effect April 3 for shareholders of record March 20.