All it took was a day for the Internet sector to forget about the death and destruction it went through the previous week.
In recent trading,
TheStreet.com Internet Sector
index was up 32.82, or 2.7%, at 1263.61.
TheStreet.com New Tech 30 was up 26.39, or 3.4%, at 807.61.
While there was no way to anticipate the damage last weekend's
article would do, we did
point out on March 13 that the sector would need to get through last week's inflation data and the
meeting before it could begin looking ahead and focusing on what should be good first-quarter earnings. That should be the next big event in the sector, barring
coming out and saying that the Internet is just another fad (apologies if we spoiled this week's lead story).
was able to prick the Internet bubble, it's far from bursting. Gains in the sector have been widespread and across most of the industry's subsectors. Among traditional Net plays,
was up 7 1/4, or 4%, at 199.
was up 3 1/4, or 5%, at 70 5/8, while
was up 20 7/16, or 10%, at 234 15/16.
was seeing some mild selling pressures after rallying yesterday. It was down 1 5/16, or 2%, at 71 1/16.
Traders were also looking to get back into some of the
B2B plays, many of which were pummeled in recent days when traders rushed to take profits in some of the sector's more highflying issues.
was up 23 1/4, or 10%, at 264.
was up 11 5/8, or 7%, at 180 1/2 and
was up 35 1/16, or 18%, at 233.
Elsewhere, shares of
were up 8 3/4, or 6%, at 164 after the Web hosting company said it had made a $637.5 million investment in
Mirror Image Internet
, a provider of content distribution services, and a subsidiary of
. Xcelra.com was up 37 3/4, or 22%, at 212.
was up 3 47/64, or 15%, at 28 1/2 after
upped its rating on the New York ad agency to buy from market perform. Goldman has done underwriting for Agency.com.
The note was in response to yesterday's
Wall Street Journal
article that said the company has had large turnover since a spreadsheet containing employee salaries was inadvertently distributed to employees. Goldman analyst Gregory Gould wrote that after talking to the company, its voluntary turnover rate was roughly in line with that of the fourth quarter and that the tone of business was "substantially above Street expectations."