Nasdaq 4000 seemed like a resting place on the way to Nasdaq 5000. But it has become a bigger hurdle today.

In early trading, the Nasdaq was down 25.46, or 0.64%, to 3932.62, as investors paused after three strong up days. It had traded as low as 3909.10.

TheStreet.com Internet Sector

index was up 5.32, or 0.58%, to 924.74. Some trepidation regarding

Microsoft

(MSFT) - Get Report

, along with an earnings warning from

AT&T

(T) - Get Report

were weighing on the stock market and having reciprocal effects elsewhere.

Earnings (or lack thereof) continued to move a number of Internet stocks.

Healtheon/Web MD

(HLTH)

was up 1/2, or 2.5%, to 20 1/4 on a somewhat mixed quarterly

report. The online healthcare network reported a loss of 49 cents per share, which was a penny worse than the estimate from

First Call/Thomson Financial

.

But revenue was $65.9 million compared to revenue of $17.6 million reported in the year-ago quarter, and $33.2 million reported for the fourth quarter of 1999. These figures, however, reflect the completion of the Healtheon merger with WebMD and acquisitions of

MedE America

and

Medcast

. In addition, the company said that its 2001 revenues should exceed $1 billion and that it could achieve positive earnings before noncash charges as early as the fourth quarter of 2001.

Register.com

(RCOM)

, which more than doubled in price in the days before its quarterly report last night, was up 2 1/4, or 4%, to 59 5/16. Register.com reported a loss of 4 cents per share for its first quarter vs. the 14-cent loss estimate from First Call/Thomson Financial.

Also,

Expedia.com

(EXPE) - Get Report

was up 5/8, or 3%, to 20 1/8, after posting a third-quarter loss of 40 cents per share, much better than the 57-cent loss Street estimate. Expedia attributed the strong results to the success of its hotel room and tour package sales. And

barnesandnoble.com

(BNBN)

was down 9/16, or 5%, to 10 3/8, after it met analysts' estimates with a 19-cent loss for its first quarter.

Amazon.com

(AMZN) - Get Report

was down 1 11/16, or 3%, to 58 1/4. The online retailer said today that it had launched a kitchen store, featuring culinary products and accessories.

Analysts' actions were moving a number of stocks.

Ameritrade

(AMTD) - Get Report

was down 1 1/16, or 6.5%, to 15 1/4, after the online brokerage was downgraded by

Lehman Brothers

to neutral from outperform. Analyst Richard Repetto wrote that in the "very near term, we believe the company's best results could be behind them. Ameritrade's stock reacted poorly to its impressive results posted in the past quarter. We believe the likelihood of a volume decline is strong, due to either a continued market correction or slower seasonal volumes over the next two quarters."

But Repetto was not done. He wrote that while he expects

Freetrade

, the company's zero commission, limited service online trading offering, will be controlled and monitored closely, "we believe it highlights management's own view of the commodity nature of the business." There's more. He wrote that Ameritrade's revenue per trade is likely to decline over the longer term, with payment for order flow at risk from the pending conversion to a decimal quote system and competitors continuing to find innovative ways to drop commissions. Finally, he wrote that the risk to the neutral rating was that the changes he foresaw could "take longer to occur than we anticipate. That being said, we do not see a catalyst in the near term to drive the stock higher."

BroadVision

(BVSN) - Get Report

was up 7 3/8, or 17%, to 50 7/16 after

Credit Suisse First Boston

upgraded the stock to strong buy from buy. Analyst Brent Thill wrote that BroadVision's partner ecosystem was "set to explode." He expected additional industry-specific partnerships to be announced over the next quarter, creating additional visibility for BroadVision. "While we still expect some minor bumps in the road going forward, we believe the stage is set for BroadVision to emerge as one of the top guns in the e-commerce platform industry," he wrote.

Goldman Sachs

also put BroadVision and

Kana Communications

(KANA)

on its recommended-for-purchase list. Kana was up 4 13/16, or 10%, to 51 1/8.

Credit Suisse First Boston also initiated coverage of

Modem Media

(MMPT)

with a strong buy rating and a 12-month price target of 35. It was up 3 1/8, or 23%, to 16 3/8 on the news.