Yahoo! Strong, but Rest of Net Sector Falters

Losses are relatively minor in scope, though, considering the sector's recent run-up.
Publish date:

Take away Yahoo! (YHOO) and a couple of other highfliers and it was a pretty rough day in the Internet sector. 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

Argus Research

raised its price target on the stock to 550 from 385. Though paling in comparison to the 1,000 price targets placed on

Commerce One




(QCOM) - Get Report

, 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


(AMTD) - Get Report

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.


Caroline Humer

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

B2B plays.


(EBAY) - Get Report

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

(AMZN) - Get Report

closed off 4 7/16, or 5%, at 79 1/16.