The stock market is often accused of having a short memory. However, even with a long holiday weekend, investors haven't forgotten about Friday's carnage.
TheStreet.com Internet Sector
index was down 29.82, or 2.7%, at 1066.80 after trading as high as 1116.74 as traders took advantage of the early pop to get out.
TheStreet.com New Tech 30 was down 82.91, or 11.4%, to 647.47.
Among the stocks getting hurt was
, down 20 3/4, or 7%, at 271.
was off 5 9/16, or 4%, at 150 9/16, while
was down 2 9/16, or 5%, at 48 11/16.
B2B plays also were getting hit.
was off 13 7/8, or 6%, at 223 1/4.
released its monthly Web usage data, and the numbers were mostly positive. Media Metrix reported that unique users on the Net rose to 68.3 million in January from 65.1 million in December, a 5.0% gain. Frequency of Internet use was at an all-time high for the third straight month at 13.1 days per month vs. 12.7 days per month in December. Duration of individual use also was at an all-time high of 9.4 hours a month vs. 8.6 hours in December.
According to analysts at
, traffic to the e-commerce sites that they cover fell off after the holiday by 17% on average, though shopping traffic was up 15% vs. October, they reported, showing that holiday shopping traffic could expand the base of year-round shoppers.
Among some of the properties that showed significant movement in terms of usage in the month,
rose to a ninth-place ranking among top sites vs. 12th place in December.
Time Warner Online
fell to 11th place from ninth;
rose to No. 12 from 13, while the
fell two spots to No. 13. CMGI was down 6 5/16, or 6%, at 102 1/16 in recent trading. Go2Net was down 3 1/4, or 4%, at 82, while
was down 7 3/16, or 9%, at 77 1/4.
Goldman analysts also pointed out that
as the leading technology portal, placing 15th in terms of reach vs. 17th place CNet. In addition, ZDNet users spent an average of 18.3 minutes on the site in January compared with 10.4 minutes for CNet. ZDNet was down 1/16 at 30, while CNet was down 3, or 4%, at 63 15/16.
Elsewhere, shares of
were down 5 3/16, or 11%, at 40 5/8 after the company released quarterly numbers this morning. Losses likely were due to news that the company's CFO, Edward Postal, had resigned to accept a post with
, a private Internet company. PSINet, which offers products and services for Web hosting, e-commerce and high-speed Internet access, posted a fourth-quarter loss of 99 cents a share, narrower than the 16-analyst estimate of a $1.01 loss but wider than the year-ago 51-cent loss.
was down 1/2, or 1%, at 33 9/16. The company announced a partnership with
to create a business portal.
will focus on the business-to-business market and build a portal designed primarily for the needs of small- and medium-sized business Internet users. Dow Jones was up 7/8, or 1%, at 62 13/16.
In analysts' action,
initiated coverage of
with intermediate accumulate and long-term buy ratings, while
initiated coverage with an attractive rating. Both companies were underwriters for the Neoforma IPO in January. Neoforma was down 10 3/8, or 15%, at 58 3/4. Merrill analyst David Risinger wrote that while Neoforma, which is an online medical product and supply company, has a "huge opportunity," he recognized that the company, with its B2B designation, carries a high stock valuation "that is subject to significant volatility."
, which came under attack after CNet announced a business deal with
last week, was down 13/16, or 3%, at 28 5/8. Goldman Sachs reiterated a market outperform rating on pcOrder today, indicating that Ingram has reiterated its relationship with pcOrder.com "and the CNet deal will not infringe in any way on the contract Ingram has" with the company. Goldman has done underwriting for pcOrder.
Credit Suisse First Boston
reiterated a strong buy rating on
after E.piphany announced deals with
. E.piphany was up 3/4 at 171 after gaining more than 20 points on Friday. Credit Suisse First Boston has done underwriting for E.piphany.