Is there any chance of getting out of here without anyone getting hurt?
Ahead of a much needed long weekend, the technology sector opened higher early on and is edging down, as lack of follow through on the upside has been a problem of late. The
was down 17.83, or 0.6%, to 3187.52, in early trading.
TheStreet.com Internet Sector
index was up 2.25, or 0.3%, to 749.02. What were perceived as friendly economic
data was lending minor support, though preholiday conditions will likely hold down volatility. Check out
Gary B. Smith's
search for a bottom in the Nasdaq in an earlier
Among stocks on the move,
was up 5/8, or 1.1%, to 58;
was down 5/16, or 0.7%, to 45 3/16; and
was up 11/16, or 1%, to 66 7/8.
Among stocks in the news,
was up 1 15/16, or 12.8%, to 17 1/16. Last night, GoTo.com announced that it had settled its trademark infringement suit against
, which contended that Disney's
logo was too similar to the GoTo.com logo. Under the agreement GoTo will receive $21.5 million and Disney has agreed to discontinue use of the Go Network logo and any others that resemble it.
GoTo.com will hold an analysts' day on June 1, which analysts at
Donaldson Lufkin & Jenrette
indicate could be a catalyst for the stock. DLJ has done underwriting for GoTo.com. In addition. GoTo.com said yesterday it had struck a deal with
for AskJeeves to participate as an affiliate in GoTo's network.
was up 1 1/16, or 7.9%, to 14 9/16. The consultant for Internet strategy held an analysts' meeting yesterday and received the usual plaudits after the meeting.
Credit Suisse First Boston
analyst Mark Wolfenberger explained that company management presented its broadband initiatives for the first time. Wolfenberger said that at 32 times fiscal year 2001 earnings estimates of 42 cents a share, Razorfish's valuation was attractive "considering industry fundamentals never better." He added that increasing industry focus toward the bottom line "could render valuation's exceedingly conservative."On the downside,
, which announced yesterday that its merger with
was called off, was off 1 3/16, or 12.5%, to 8 5/16.
lowered its rating on the online medical supply firm to neutral from buy. Analyst Josh Fisher wrote that he was discouraged by the "dramatic slowdown in auction revenue, and "until some better evidence emerges that the Company's newest plan is generating revenue and a path to profitability has been laid out," he was putting a neutral rating on the stock.