Federal Open Market Committee
is meeting today, but investors in the tech sector didn't wait for its announcement before charging into an early selloff. Contrary to a report in today's
Wall Street Journal
, there was little indication that losses were based on interest-rate jitters. But signs of stability were already emerging in the sector, with the
trimming a 140-point loss to near 20 as the opening spike lower found bargain-hunters waiting. The Nasdaq low of 4467.53 was just above the March 16 low of 4455.10. Technical buying likely emerged there.
TheStreet.com Internet Sector
index was nearly flat at 1185.20, though it traded as low as 1142.22. The sector was still feeling the effects of yesterday's selloff, which was triggered by a bearish
and a revenue
TheStreet.com New Tech 30 was down 11.31, or 1.5%, at 749.91.
had a masterful take on the MicroStrategy situation in his
column last night.
Among leading decliners were some recent hot stocks, as traders rushed to take profits.
was down 10 11/16, or 6.4%, at 156 11/16;
was off 6 3/4, or 3.9%, at 166 1/4; and
was down 13 1/4, or 6%, at 200.
, one stock that felt the wrath of the
article yesterday, reversed course today after
, which calculated burn rates for
, issued a press release indicating Healtheon's burn rate should have been 14.9 months rather than the 6.88 months listed in
. That would place Healtheon at No. 68 on
list of 207 Net stocks rather than its original ranking of 30. Healtheon/WebMD was up 1 5/16, or 4.5%, at 30 13/16 after dropping around 12% yesterday.
reported February usage numbers last night, and the number of unique visitors rose to 70.4 million compared with 68.3 million in January, according to
. Frequency was down slightly to 12.9 days per month vs. 13.1 days in January. Duration was at 9.8 hours per month vs. 9.4 hours in January.
was down 3/8, or 0.6%, at 65 1/8.
, a joint venture between Germany's
and Lycos, set an issue price of 24 euros for shares in Lycos Europe's IPO. Lycos Europe will be valued at 5.5 billion euros, or $5.35 billion, when it begins trading on Frankfurt's