Net Sector Trades Higher as Investors Bargain Hunt
Any number of Internet stocks, if not most, have been dragged down by losses on the Nasdaq over the past week. Today, investors were searching through the rubble and trying to find some beaten-down names to buy.
The Street.com Internet Sector
index was up 29.59, or 3.5%, to 876.83 in recent trading. The Nasdaq was up 110.31, or 2.9%, to 3879.94. The rebound may be technically inspired, as support in the Nasdaq hit near the Jan. 6 low of 3715.6. It traded as low as 3714.38 today.
Ariba
(ARBA)
also was on the upside after reporting earnings last night.
Merrill Lynch
analysts upgraded the stock to buy from accumulate "despite a difficult technology tape." They said the company's fundamentals "seem stunning here." Also,
Vignette
(VIGN)
was up 19 1/8, or 16%, at 138 and
724 Solutions
(SVNX)
was up 6, or 7.6%, at 85.
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Elsewhere, even some of the traditional Internet stocks were coming back.
Yahoo!
(YHOO)
was up 8 1/4, or 6%, at 144 1/4;
eBay
was up 11 1/16, or 8%, at 154 7/16;
Lycos
(LCOS)
was up 3, or 7%, at 45 9/16; and
priceline.com
(PCLN)
was up 3 5/8, or 6%, at 63 3/4.
Investors have a lot to think about. Will the recovery continue or is there more downside in the market? If so, now might be a pretty good time to get out of some things that you couldn't get out of over the past couple of days.
