Who would have guessed a week or two ago that the technology sector would be thanking the
Tech, and Internet stocks, looked to be on the verge of a breakdown before the broader market came to the rescue. With Dow gains topping 200 points at one point and ending 198 points higher, the
Nasdaq Composite Index
was able to pare losses and closed 1.86 points higher. Internet stocks showed a similar bounce.
TheStreet.com Internet Sector
index, or DOT, closed down a marginal 4.32, or 0.4%, at 1135.28 after trading as low as 1108.65.
TheStreet.com New Tech 30 closed up 5.21, or 0.8%, at 689.07.
Recoveries were the order of the day.
, which traded as low as 156 intraday, closed up 4 1/4, or 2.6%, at 170.
But it was a rougher time for others.
, which beat quarterly estimates yesterday, ended the day down 9, or 9.8%, at 83 after trading as high as 102 intraday. GoTo reported a fourth-quarter loss of 17 cents per share vs. the 40-cent loss estimate from
First Call/Thomson Financial
. Those that bought based on a price target increase from
Donaldson Lufkin & Jenrette
this morning were burning. DLJ, which has done underwriting for GoTo.com, increased its price target on the stock to 160 from 100 after the earnings report.
Supply, both in the form of IPOs and
secondaries, has been mentioned as a potential stumbling block for Internet stocks, and a number of companies debuted today with mixed results.
(VSTY:Nasdaq), which sells college books over the Net, closed down 1/8, or 1.3%, at 9 7/8 after trading as high as 13 1/8.
(CHRD:Nasdaq), a provider of customer relationship management software, ended up 21 7/16, or 119%, at 39 7/16. What the price action really shows is how in favor business-to-business software plays are and how out of favor online retailers are.