It was just about the only question stock market participants were asking: Has the market bottomed yet? After showing relatively modest losses on the opening, technology and Internet stocks were headed for the upside. But it was still very early.
was up 74.52, or 2.2%, to 3395.81 in recent trading after trading to a low of 3227.04 on the opening.
TheStreet.com Internet sector
index was up 7, or 1.0%, to 720.87 after trading as low as 669.60. Our own
provided a checklist of some things that will need to happen to get the market going on the upside again in an earlier
Donaldson Lufkin & Jenrette
analyst Thomas Galvin was getting some publicity after taking 15% out of his bond mix and adding 10% to stocks to push his allocation to 90% stocks and 10% cash. He wrote that he viewed most stocks as "cheap"; however, he excluded dot-coms from that statement. Nevertheless, he recommended any number of Internet stocks as among the best unit growers, including
. DLJ has done underwriting for FreeMarkets and Commerce One.
Among traditional Net stocks, America Online was down 9/16, or 1.0%, to 54 7/16. AOL is scheduled to report earnings on Tuesday. Yahoo! was up 1/8, or 0.1%, to 116 1/8 and
was up 1/16, or 0.1%, to 52 1/8.
A number of sector favorites were also on the mend.
was up 8 5/16, or 5.3%, to 166 3/8;
was up 3 1/4, or 7.7%, to 45 1/2;
was up 7/16, or 0.5%, to 86; and
was up 4 7/8, or 6.2%, to 83 1/8. Exodus may have been enjoying the effects of a positive mention in
over the weekend.
was down 15/16, or 6.3%, to 14 after it agreed to purchase
in a stock deal valued at $157 million. The terms call for MyPoints to exchange 0.48 share of its stock for each share of CyberGold. MyPoints said the deal would immediately add to its earnings and revenue. CyberGold was up 1, or 18.2%, to 6 1/2.