Buy the weakness, or sell the strength. That's the debate that must be going on in some investors' minds after this morning's rebound in the stock market. And sellers were attempting to gain the upper hand.
The rally came after this morning's
Producer Price Index
report did not threaten views over
TheStreet.com Internet Sector
index was down 45.78, or 3.4%, to 1149.63 in recent trading after reaching a high of 1215.89 early in the session.
TheStreet.com New Tech 30 was down 28.36, or 3.75%, to 727.29. The
was down 105.51, or 2.3%, to 4477.11, but that was more than 200 points off its high of 4679.94.
did an outstanding job of explaining what's going on in the Internet sector in a
piece that ran earlier.
Some of the bloodiest stocks over the past few sessions have been the
B2B plays, and they were mixed early on.
, which lost a quarter of its value yesterday following its purchase of
, was down 12 1/4, or 6.55%, to 174 3/4 early today.
was down 14 5/16, or 6.6%, to 203 on news that it would partner with
to develop an e-commerce paint industry marketplace.
More traditional Internet plays were mixed as well.
was down 2 5/8, or 4.1%, to 61 1/8. The company has filed papers with the SEC indicating it is seeking shareholder approval to increase the number of common shares it is authorized to issue to 5 billion from 1.5 billion. The stockholders meeting will take place May 10.
Lost in the shuffle of yesterday's conflicting reports about a potential
partnership was eBay's launch of its eBay Business Exchange, which will concentrate on the small business market.
John Segrich, analyst with
CIBC World Markets
, reiterated a strong buy on eBay after the announcement, indicating that eBay's move into the B2B space would provide "incremental revenue at low incremental cost." He added that he felt eBay's quarter was on track. eBay was up 4 3/64, or 2.14%, to 193 9/16, while Yahoo was up 1/2, or 0.3%, to 159.
Elsewhere, there was some rattling and shaking in the home grocery business.
said company CEO and President Bill Malloy was leaving due to health reasons. And because of that, parties to a previously announced potential investment of $120 million in the company have terminated the planned investment. The company, which has had substantial operating losses since its birth, has $3 million in cash on hand, before giving effect to outstanding trade payables. The company's board has told its financial advisor Wasserstein Perrella to "explore strategic alternatives," including "possible alternative financing or possible sale of the company."
Peapod was down 4 1/4, or 54.4%, to 3 9/16. Competitor
was up 5/16, or 2.94%, to 10 15/16, while
, which went public last week, was off 7/8, or 6.7%, to 12 3/16.
Finally, Interactive ad agency
Modem Media Poppe Tyson
was down 4 1/16, or 8.71%, to 42 9/16 after it filed a 4.5 million-share secondary offering.