Old technology was behind the latest rally in the Nasdaq, while Internet stocks have been a reluctant participant.
The Nasdaq was up 86.10, or 1.8%, to 4950.85 in recent trading.
TheStreet.com Internet Sector
index was flat at 1270.64, though it had traded as high as 1278.14.
TheStreet.com New Tech 30 was down 4, or 0.5%, to 809.96.
was up 3 3/16, or 4.7%, to 71. Company CEO Rob Glaser made an appearance on
today . The company made an announcement with
, an online retailer dedicated exclusively to downloadable Latin music and entertainment, to become the first channel integrated into the Spanish and Portuguese versions of
was up 3 1/2, or 5.1%, to 71 7/8. The company announced that
, its European joint venture with
, successfully completed its initial public offering yesterday, raising $649 million. As of the close of market on March 22, Lycos Europe was valued at more than $5 billion after its listing on the
in Germany. Note that we had a
story on Lycos Europe's IPO earlier this week.
was up 2, or 6.5%, to 32 3/4. The stock has broken out in the past couple of days and one persistent reader has demanded to know why. The reader speculated that Excite@Home's standing in the recent
survey may have contributed to the strength in the stock. Excite@Home's reach did climb to 40.5% in February from 35.0% in January, though much of the strength could be attributed to a 4% month-over-month increase in the reach for
online greeting card site that Excite@Home recently purchased. And that increase was attributed to broader reach of the Excite@Home around Valentine's Day, leaving our perplexed reader to conclude, " I thought I had bought a cable broadband play, but evidently I own
." Excite@Home also introduced free online service during the survey time period.
We also ran across a positive note on the company from
William Blair & Company
dated March 21, indicating that now was "an opportune time to buy shares of Excite@Home, while popular sentiment is as bad as it ever has been. Analyst Abhishek Gami wrote that the sum of Excite@Home's parts "leads to a valuation in excess of the current market capitalization." Indeed, the stock has been hammered over access concerns and
recent purchase of
. However, with Excite@Home's stock rebounding, traders who have shorted the stock are likely getting squeezed.
Finally, on what has been a relatively ho-hum day in Internet land, we'll revisit an old story. Influential Internet analyst Steve Harmon got lots of publicity back in
January when he put out his list of top Internet stock picks for 2000. We're revisiting the list, because one stock,
Santa Cruz Operation
, has been hammered since its earnings shortfall announcement Tuesday. This is not meant as a cheap shot on Harmon, in fact, we had no idea about the performance of the stocks before preparing this report.
The aforementioned Santa Cruz Operation was up 1 7/16, or 13.8%, to 11 7/8 today, though it had traded as high as 35 1/16 on Jan. 3, the day that Harmon's list was publicized.
, which ended 1999 around 163 (post-split), was trading down 4, or 3.2%, to 122 3/4 today.
, which began the year at 42, was up 8 1/4, or 22.5%, to 44 7/8.
was up 3, or 6.9%, to 46 3/4 today after beginning the year around 47.
, which began the year around 38, was up 1 9/16, or 2.3%, to 70 1/4.
was down 1 5/16, or 2.4%, to 53 1/16 after starting the year at 56 3/4.
went from 43 on Dec. 31 to a high of 92 on Jan. 3. Today, it was up 7 15/16, or 24%, to 41.
began the year at 54 3/4, traded as high as 145 1/4 on Feb. 14, but was up 1/8 to 83 3/16 today,.
, which began the year at 177 1/2, traded as high as 397 on March 14 and was down 11 1/8, or 3.3%, to 321 3/4 today. And America Online, which had unforeseen problems after it announced it would purchase Time Warner, was down 13/16, or 1.1%, to 71 3/16 after beginning the year around 76.