Any news is apparently good news in the Internet sector.
TheStreet.com Internet Sector
index was up 19.38, or 1.6%, to 1202.24 in recent trading.
TheStreet.com New Tech 30 was up 43.64, or 5.6%, to 825.75.
Focus for much of the week has been on the
Robertson Stephens Tech 2000 Conference
, where virtually everybody who's anybody in tech is presenting. A list of companies reporting today can be found
right here. According to one daytrader, many momentum players have been buying ahead of the presentations, hoping for a pop after the presentations, then riding it if comments are positive and institutions buy in.
Among the stocks apparently benefiting today was
, which presented this morning. It was up 10, or 7%, to 152 3/8 in recent trading.
ran up sharply ahead of its report this morning and was recently off 2 1/8, or 0.5%, to 272 3/8 after trading as high as 295 3/4.
, which also presented this morning, was up 18 3/4, or 8.6%, to 235 3/4. Also,
, which presented earlier, was up 5 3/8, or 3.9%, to 145.
Among companies presenting later today,
was up 6 7/16, or 5.3%, to 128 3/8;
was up 3 7/8, or 2.4%, to 1676 3/8; and
was up 2 5/8, or 1.9%, to 139 3/4.
The trader said the tech sector should continue to benefit from expectations that first-quarter numbers will be solid. He also said the sector was prepared for the
to hike interest rates by 25 basis points when it meets later this month, though it could suffer if inflation data indicates the Fed may need to be more aggressive and raise rates by 50 basis points. And while some money for momentum traders has gone into biotech and chip makers, the daytrader said he was sticking with Internet stocks because of his familiarity with them, though he was staying away from the out-of-favor business-to-consumer plays.
"If there's short-term volatility, daytraders will be there," he said. "I don't know those stocks
biotechs as well, but a lot of daytraders don't care. They're just looking at tickers and charts. I like to have an idea what the company does."
Finally, a couple of plugs. First, check out Ben Holmes'
piece on stocks whose lockup periods are ending over the next couple of weeks, most of which are Internet stocks. Contrary to common perception, the end of the lockup is not necessarily a negative, as Ben points out. We'll also provide a link to
column from today in which he mentions any number of Net stocks that could threaten