Take away Yahoo! (YHOO) and a couple of other highfliers and it was a pretty rough day in the Internet sector.
TheStreet.com Internet Sector
index closed down 1.78, or 0.2%, at 1160.44. It made an all-time high of 1192.34 early in the session, so finishing lower is considered negative from a technical perspective.
But other than Yahoo!, which closed up 12 3/8, or 3%, at 416 1/16, few traditional Net plays were on the plus side. But losses were still relatively minor in scope if you consider how far the sector has moved over the past couple months.
Yahoo!'s gains came after
raised its price target on the stock to 550 from 385. Though paling in comparison to the 1,000 price targets placed on
, it was enough to take the stock back over the 400 level.
As for Commerce One, it saw its third-straight day of profit-taking, ending down 6 15/16, or 3.3%, at 203 after trading as high as 225 intraday. It reached a high of 331 Tuesday. Qualcomm closed down 12, or 1.8%. Not a big deal, except if you consider that's almost 100 points off the 740 1/8 it reached earlier in the session.
After a strong day Wednesday following the release of strong numbers from
, online brokerages dropped today. Schwab finished down 3 3/8, or 8%, at 38 5/8, giving back much of yesterday's 5 5/8-point gain.
finished down 1 1/2, or 5%, at 27 after yesterday's 2 3/4-point gain, while
ended down 1 3/8, or 6%, at 22 after gaining 2 7/8 yesterday.
We're not going to say we told you so, and we're not really sure what to attribute today's weakness to other than overall weakness in the Net sector, but we did point out
Wednesday that trading these stocks based on trading volumes is not always suggested.
took a closer look at online brokerages in an earlier
E-commerce plays also had a tough go. They continue to be shunned in favor of the more hot
closed down 8 5/8, or 6%, to 134 15/16.
finished off 3 13/16, or 7.5%, at 46 3/4;
ended down 1 3/16, or 4%, at 25 9/16; and
closed off 4 7/16, or 5%, at 79 1/16.