LONDON -- Internet stocks saw some relief buying Monday morning in Europe after

Amazon.com

(AMZN) - Get Report

led the sector lower in New York Friday. The sell-off was prompted by a

Lehman Brothers

analyst report that questioned the online retailer's creditworthiness.

Fears that dot.com companies could have trouble raising money going forward helped push

TheStreet.com Internet Sector

index down 45.59, or 5.16%, to 837.86 Friday.

Following that panic selling, Amazon shares traded higher Monday morning in Germany, rising 2.50 euros ($2.33), or 7.04%, to 38 euros. Although reflecting sentiment that Friday's selloff was over, the stock's bounce barely begins to make up recent losses. And it is likely to serve as little consolation for shareholders who bought in when the stock was at its high of 106.5 euros last December. Amazon is disputing the recent Lehman report.

It was mainly the blue chips of the dot.com world that saw buying interest today following Friday's rout.

Yahoo!

(YHOO)

traded up 2.80 euros, or 2.12%, to 135 euros;

Ebay

(EBAY) - Get Report

, up 2 euros, or 3.64%, to 57; and

Lycos

(LCOS)

, which is being acquired by Spain's Internet provider

Terra Networks

, gained 0.20 European cents, or 0.34%, to 58.20 euros.

Not all Internet names were a shoo-in for buying activity, however.

America Online

(AOL)

continued to see some downward pressure, off 1 euro, or 1.17%, to 57.40, as it faces a broadening probe by U.S. regulators into its purchase of

Time Warner

(TWX)

.

Back in the "Yes, we still make things" economy, investors applauded the

Philip Morris

(MO) - Get Report

decision to buy

Nabisco Holdings

(NA)

for $14.9 billion, or $55 a share, plus the assumption of $4 billion in debt.

Before the arbs have a chance to dig their hooks in, Philip Morris was trading up 1.40 euros, or 5.58%, to 26.50 euros, while Nabisco also inched higher, up 0.25 European cents, or 0.46%, to 55.15 euros.

Meanwhile, the broader market looks set for a positive open in the U.S. The September contracts for the

S&P 500 futures were trading up 4.6 points to 1468.10 at 6:30 EDT, or 6.4 points above

fair value. The September Nasdaq futures were up 31 points to 3759.

Friday's After-Hours Trading

By Angela Privin
Staff Reporter

How do you spell relief?

F-I-N-A-N-C-I-N-G

Drkoop.com

(KOOP)

eschewed the droop after the battered Internet health site received $1.5 million in financing and extended its branding agreement by two years with namesake

Dr. C. Everett Koop

.

The former

U.S. Surgeon General

will continue to serve as the chairman of the board and write articles for the more-than 1.3 million members of health network.

The Texas-based company closed a bridge loan with a merchant bank to meet short-term capital needs while they try to secure permanent financing.

In conjunction with the bridge loan, the merchant bank received warrants to purchase 4 million shares of common stock at an exercise price of $0.75 per share, subject to adjustment.

The company hit a 52-week low of $1 on May 31 amid takeover rumors and after cutting its staff by 35%.

Today, it rose 29/32, or 55.8%, to 2 17/32 on the news. C. Everett groupies were quieter by night, the euphoria faded and the company slipped 11/32 lower to 2 3/16.

For those of you that aren't tired of reading about

Rambus

(RMBS) - Get Report

, check out last night's

Night Watch to see just how high a semiconductor company can jump. Today, the shares rose 18% and jogged up an additional 1 9/16 to 116 9/16 on 192,000

Island

shares.

You see, Rambus developed some really neat

memory chip technology and now everyone who uses it needs to pay up. Investors are pretty happy and like to show their affection buy buying like crazy.

It is not easy to be king of the e-tailer jungle. Especially when the natives get restless and analysts throw spears.

Amazon.com

(AMZN) - Get Report

lost 19% after

Morgan Stanley Dean Witter

analyst Mary Meeker saw little upside to her June and September revenue estimates. If anything, in fact, she sees some possible downside to her expectations.

After an initial evening slide, the company started to recover. It was lately up 5/16 to 34 1/4.

We haven't seen

Cytoclonal Pharmaceutics

(CYPH)

in these parts since mid-April, when it was Island ECN's most popular issue. Back then, the Texas-based biopharmaceutical company announced developments in fighting lung and breast cancer. It wasn't the first company to develop these particular treatments, but then again who is rooting for cancer?

Today, the firm discovered another cancer inhibitor of the BCL cancer gene, which is involved in lymphoma, skin cancer and small-cell lung cancer. The company shot up 3 1/2 to 11 or more than 46% as the biggest percentage gainer on Nasdaq and floated 9/32 to 11 9/32 at night.

American Eco

(ECGO)

(echo...echo...echo) provides industrial and environmental services to the energy, pulp and paper and power generation industries.

Lately, this company has become a regular on the after-hours scene. It hasn't made a Rambus-like ruckus but rather has traded quietly on no news. This week, there were more shares traded after-hours than during the day. Today, the company ended the session unchanged on 171,400 shares, but posted a healthy 117,000 shares so far tonight. It was also 1/32 higher at 5/16.

Methode Electronics

(METHA)

popped 12% today. This evening, the electronic component manufacturer rose 1 5/8 to 44 7/8.

Apparently, the company has a stake in Stratos Lightwave, which is preparing to go public soon. At 3:41 pm EDT,

Briefing.com

wrote, "assuming a first day price of $45 per share, METHA's 54 million-share stake in Stratos Lightwave would carry a value of $2.43 billion, or approx. $68.25 per share (excluding tax implications)". The article was then posted on trader message boards.

Accelerated Networks

(ACCL)

had an eponymous debut. It more than tripled in its first day of trading after selling 4 million shares at $15 this morning. The shares settled at $47.88 , a 220 % gain, giving the company a market cap of almost $2.4 billion.

The California-based company transmits data over a single broadband network and was 1/2 higher at 48 1/2.

What happened to

Today' s Man

(TMANW)

? While some women may tell you otherwise, the answer is -- nothing.

It was trading flat at 17/256 tonight after finished unchanged on the day. Following a reverse 1-for-4 stock split last Friday, the men's clothing retailer has not been doing too well. But then again most men don't like to shop and even bargain crazy night owls weren't biting.

After selling off 1 7/8 or 2.75% today,

Qualcomm

(QCOM) - Get Report

regained 1 15/64 after hours. After all, just like Rambus, the wireless company can potentially make a lot of money licensing its CDMA wireless technology.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.