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After showing signs of recovery from a sharp drop on the opening, technology stocks were back on the defensive as pain in the market persisted. The

Nasdaq

was down 222.48, or 6.05%.

TheStreet.com Internet Sector

index was down 69.66, or 8.57%, to 743.36.

From a technical perspective, the sharp drop on the opening actually could be a positive should the market rebound and close strong, much like it did last week after reaching its low, then closing higher. And if you read last night's

column from Aaron Task, you already knew that people might have been looking to buy at the 3500 level.

Among stocks on the decline,

724 Solutions

(SVNX)

was down 14 13/16, or 19%, to 64, though other business-to-business plays were on the mend.

FreeMarkets

(FMKT)

was up 6 7/8, or 12.5%, to 61 7/8, though it dropped 27% yesterday.

i2 Technologies

(ITWO)

TheStreet Recommends

was up 3 3/8, or 4%, to 89 3/8.

A couple of stocks that reported earnings since yesterday's close were performing well.

Foundry Networks

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was up 6 15/16, or 9%, to 85 after besting estimates. Foundry posted first-quarter pro forma earnings of 15 cents a share, beating the Street estimate of 9 cents and up from the year-ago pro forma report of a 2-cent profit.

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. Report

was up 2 1/4, or 1.3%, to 177 1/4 after beating estimates and announcing a 2-for-1 stock split. Juniper reported first-quarter earnings of 6 cents a share, beating the 14-analyst estimate of 3 cents a share and up from the year-ago loss of 13 cents.

After seeing the numbers,

Goldman Sachs

reiterated its recommended list rating on Juniper, writing that results were "spectacular." Analyst Ajay Diwan noted that revenues of $63.9 million were up 41% sequentially, and well above their $50 million estimate. Goldman has done underwriting for Juniper.

"Juniper has now cemented its position as a leading supplier of Internet backbone routers, a market in which it is the only credible alternative to

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

," wrote Diwan. "In fact, with carrier after carrier validating its superior technology and significant new product introductions, Juniper is gradually moving from its position as a second supplier to that of primary supplier."

Robinson Humphrey

analyst Miles Russ was plugging

Earthlink

(ELNK)

today, writing that the stock was oversold. It was down 1/8, or 1%, to 12 11/16.

Russ wrote that relative to its peers (

Prodigy

(PRGY)

,

OneMain.com

(ONEM) - Get 1Life Healthcare, Inc. Report

and

NetZero

(NZRO)

) EarthLink was either trading at "a huge discount, or its peers are in for a major selloff. Either way, we believe Earthlink has the brightest future as an access/content company."

He concluded that current owners of EartLink should again consider the option of reducing their basis, understanding there are no near-term upside catalysts. But anyone considering an investment in an ISP "should take advantage of this opportunity by starting an initial position in EarthLink."