Net Sector Trips on Greenspan but Regains Stride Quickly

DoubleClick keeps dropping after news of an informal FTC investigation.
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Greenspan

Shmeenspan.

Federal Reserve

Chairman Alan Greenspan caused a minor ripple in the tech sector when headlines from his

Humphrey-Hawkins

testimony hit the wires. But tech has been able to handle most everything that Greenspan and his cohorts have thrown at it over the past few months without breaking stride, and today was no exception.

TheStreet.com Internet Sector

index was up 19.56, or 1.7%, at 1146.07 in recent trading.

TheStreet.com New Tech 30 was up 24.69, or 3.5%, at 733.53.

TheStreet.com E-finance

index, which would be vulnerable to shifts in perceptions about what the Fed is up to, was up 23/32, or 1.0%, at 76 3/4, though it traded as high as 79 after a friendly

Producer Price Index

report ahead of the Humphrey-Hawkins testimony.

DoubleClick

(DCLK)

remained one of the biggest movers in the Net sector following

news that the

Federal Trade Commission

and the New York Attorney General's Office had launched informal investigations into DoubleClick's data-collection policies. It was down 14 1/2, or 14%, at 91 3/4, though it had traded as low as 92 7/8.

Among the top performers was

BEA Systems

, up 15 7/8, or 13%, at 137 7/8. The e-commerce software company said it had signed a multimillion-dollar, multiyear agreement with

KPN Royal Dutch Telecom

. Under the terms of the contract, BEA has agreed to deliver its e-commerce transactions solutions to enable KPN to integrate many of its heterogeneous internal systems.

Yesterday's big winner,

CheckFree Systems

(CKFR)

was up 2 7/8, or 4%, at 103 1/8, though it had traded as high as 116 5/16 today and as high as 125 5/8 yesterday as profit-takers are limiting gains. The stock has soared on

news that CheckFree would buy electronic billing and payment provider

TransPoint

.

pcOrder

(PCOR)

was down 1 1/16, or 3%, at 31 3/4 in recent trading despite a friendly note from underwriter

Credit Suisse First Boston

. Its stock has tumbled from Monday's high of 44 since

CNet

(CNET) - Get Report

announced plans to partner with

Ingram Micro

to offer an online database of computer products to Ingram's reseller partners. pcOrder is a competitor to CNet data services. In a note about pcOrder from Tuesday, analyst Lise Buyer wrote that "we cannot spin this announcement as a positive" for pcOrder, "but note that the CNet relationship is supplemental to, not in pace of Ingram's current arrangement with pcOrder." She went on to write that it could even cause management to focus more intently on growing its high-margin services and drive its business model forward more aggressively than her current estimates show. CNet was up 3 1/2, or 6, at 64 1/2 after getting an upgrade from

Goldman Sachs

.