It took all of a half-hour for the Internet sector to get going today. There were some mixed signals as to whether last week's enthusiasm would continue, but a couple of strong performances from some big names encouraged traders to buy, buy, buy. Lack of enthusiasm in the rest of tech was about the only thing holding back the Net sector.
TheStreet.com Internet Sector
index was up 41.74, or 3.4%, at 1262.84 in recent trading.
TheStreet.com New Tech 30 was up an astounding 113.51 points, or 14.5%, at 895.62. We'll give a plug here to our own
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Take your pick on which of the industry's subsectors were on the move. Traditional Net bellwethers like
were soaring in conjunction with their appearances at the
plaNET.wall.street conference in Snowbird, Utah. Yahoo! was up 17 15/16, or 11%, at 175 15/16, while eBay was up 13 1/2, or 9%, at 163. However,
, which also was presenting at the conference, was down 2 3/8, or 4%, at 55 1/4.
But even hotter than bellwethers were the Internet incubators.
Internet Capital Group
was up 26 13/16, or 22%, at 145 7/8 after it was upgraded by
ahead of an investors' forum on Wednesday. In addition,
, a partner firm of ICGE, announced a plan to distribute automotive parts through the Internet with
, an aftermarket auto-parts redistributor.
Other Net venture capital firms were riding on the coattails of ICGE.
was up 13 5/16, or 10%, at 147 3/8, while
was up 18 1/4, or 10%, at 194 3/4.
added to the competitive atmosphere in the U.K. today by offering Brits unlimited Web access for an upfront fee of less than $80, according to
, which was up 31 points on Friday, was down 16 3/8, or 10%, today.
Meanwhile, there were any number of stocks that were moving after quiet periods on the companies expired. Our IPO expert
heads up on many of the stocks before the market opened today. Direction was often determined by just how strongly underwriters began coverage of the issues, and investors who bought ahead of the expiration were not guaranteed easy money.
Among Internet stocks,
was up 1 1/4, or 9.5%, at 14 7/16.
began coverage of the online retailer with a medium and long-term buy rating and a 20 price target. Analyst
wrote that at 14, the stock was trading at two times estimated 2000 revenue of $850 million, which he indicated was "an attractive valuation relative to other industry leaders (though still expensive on a long-term
discounted cash flow)."
Also on the upside was
, a B2B e-commerce service provider for the health care industry. It was up 3 7/16, or 18%, at 22 7/16 after Robertson Stephens initiated coverage of the stock with a buy rating and a 50 price target.
Internet services provider
was up 3 1/2, or 24%, at 18 after
ING Baring Furman Selz
initiated coverage of the stock with strong buy ratings.
was up 14 1/2, or 30%, at 63 1/4 after
initiated coverage of the Internet-based marketing firm with a buy rating and a 12-month to 18-month price target of 80.
Most troubling performance was
, which traded as high as 294 1/2, but was recently down 30, or 11%, at 250. The stock received a less-than-stellar intermediate-term accumulate rating from Merrill. Long-term, Merrill placed a long-term buy on the provider of business-to-business services provider and a 12-month price target of 322. Note that the stock has had phenomenal success since debuting last month.
Also on the downside was
, down 3 11/16, or 10%, at 32 5/16 after trading as high as 37 7/8.
initiated coverage of the Internet professional services company with a market outperformer rating.