Sellers continued to have the upper hand in the technology sector after this morning's Abby Joseph Cohen- induced setback provided an excuse for traders to take profits. But our own James Cramer was taking advantage of weakness to pick through the rubble and buy stocks.
TheStreet.com Internet Sector
index was down 21.71, or 1.7%, at 1239.26 in recent trading.
TheStreet.com New Tech 30 was down 6.81, or 0.8%, at 810.70.
Among stocks on the downside,
was off 9 5/8, or 4%, at 230 3/16 as traders took profits after the recent run-up due to
was down 10 9/16, or 6%, at 161 following its agreement to
acquire Internet security products developer
in a stock deal valued at $905 million.
Good News is Bad News?
was somewhat perplexing. The online billing-services provider was down 8 1/8, or 11%, at 65 5/8 despite announcing an agreement with
Chase Manhattan Bank
. The two companies said that they had signed a multiyear contract extending CheckFree's electronic-payment services with Chase, though the deal was "nonexclusive."
Yesterday, CheckFree added more than 12 points, so today's action may be profit-taking. Online financial stocks were mostly weaker today as well, which also could account for some of the losses. The stock also may be reacting to yesterday's announcement from
, a joint venture of The Chase Manhattan,
, which unveiled its technology plan for electronic bill presentment and payment.
The companies will introduce the
Interactive Financial Exchange
message standard later this year, which will enable different network systems to talk to each other. Currently, the
Open Financial Exchange
is the industry standard. Spectrum has been perceived as a competitor to CheckFree since it was
announced in June of last year.
In the same vein,
, which provides Internet infrastructure solutions to financial institutions, was down 11 1/2, or 6.5%, at 164 1/2 despite announcing a deal with
. The companies will jointly develop solutions for conducting payment transactions over wireless devices. We saw no reason for the stock to trade lower, though chat boards were talking up lock-up release of restricted shares, despite the fact that the company went public late in January and lockups typically occur 180 days after following the company's debut.
3.1 Million Chinese Can't Be Wrong
were in the plus side much of the day, recently up 1 7/6, or 2.2%, at 56 3/8. The company said late yesterday that it had launched
, a content-driven Internet service specifically designed for technology consumers in Korea. The investing public has been enamored of companies that tap into the Asian market.
And sticking with the Asian theme, shares of
were off 8 7/8, or 9%, at 92 9/16. Losses could be in reaction to news that
, an Internet portal in China, had filed with the
Securities and Exchange Commission
for an IPO of 4 million shares.
reported that Sina.com is the most popular Net portal in China, with 16.6 million average page views and 3.1 million registered users as of February.