Net Stocks Inch Up in Afternoon Action
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TheStreet.com Internet Sector
index was up 21.05, or 2%, at 1073.19 in recent trading. The DOT is now roughly 40 points above its session low of 1033.73, having rebounded, along with the rest of the technology sector, from an early morning setback. Today's trading pattern was similar to yesterday's, though today lacked the sharp drop early and today's comeback came in the morning rather than in the afternoon. But, as was the case yesterday, buying on dips remains the mantra of the market.
Network Solutions
(NSOL)
was up 19 7/8, or 9%, at 236 3/4 on news that the
Department of Justice
has closed its antitrust investigation of the domain-name registrar.
Yahoo!
(YHOO)
, up 6 3/4, or 2%, at 328 3/4, was lately attempting to string together consecutive positive sessions. Earlier today,
TSC's
Helene Meisler
did an in-depth
analysis of Yahoo!, indicating the stock should find a bottom between 250 and 300 before resuming its climb to 500, where it peaked Jan. 4.
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InfoSpace
(INSP) - Get Inspire Medical Systems Inc. Report
, which announced a 2-for-1 split yesterday but got caught up in the selling that hit many Net stocks Monday, was up 8, or 6%, at 148 1/8.
iVillage
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was up 2 7/16, or 15%, at 18 13/16, though without any news to account for the move.
On the downside was
Kana Communications
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-- off 16 5/16, or 7%, at 233 5/8. The stock peaked at 284 3/4 on Jan. 27, about a week after the company's earnings and on the same day that
ING Barings
initiated coverage of the e-commerce software provider with a buy rating. The stock also had a run-up after announcing a stock split on Jan. 10.
Finally,
NBC Internet
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, which had a strong run-up ahead of its earnings report last Thursday, was down 5 11/16, or 6%, at 89 7/16 in what was likely profit-taking.
