On Aug. 9,
TheStreet.com Internet Sector
index hit a low of 480.03. Screams could be heard from anguished investors on that day. Two months and two days later, the sector is the one screaming, up 55% over that span, while investors exhale softly, sighing a sigh of love. They love the net stocks, as measured by the DOT index, which rose 12.62 to 745.41 today. The last two hours were particularly lovely. The index rose 11 and finished strongly.
How strong is the love? Well, it should outlast
Today's gain comes without any help from
, which all gave up gains. AOL was disconnected suddenly and fell 13/16 to 121. Amazon was in the jungle, off 1 1/16 to 88 3/8. Yahoo! searched for answers, down 10 11/16 to 181 3/8, after last week's huge run-up.
Much like the
23-run pummeling of the
, the DOT counted on the little guys to carry the team.
, up 10 3/4 to 182 13/16, hitting a 52-week high in the process.
also hit 52-week highs.
Those wonder twins,
index, were nearly mirror images of each other today: The former was up 0.27 to 110.22, while the latter was off 0.28 to 63.84.
is a natural-language search engine, meaning it searches for the answers to whole questions instead of just seeking out keywords. So, if you ask it, "What company went up 17 3/8 to 68 5/16 on news that
was expanding its use of the company's search engine?" it should return "Ask Jeeves." The company rose 34.3% on news that Microsoft would use the plain-English search engine on its customer-service pages.
Good NITE? Certainly not a good day.
dropped 3 5/8, or 12.1%, to 26 3/8, after issuing a third-quarter earnings warning. Then, the analysts took action.
cut its rating on the company to near-term neutral from accumulate. ABN Amro lowered its fiscal 1999 earnings estimate for the company to $1.19 a share from $1.32.
On a day where the exploits of Italian
are celebrated, the actions of
were not. The company was cut to neutral from strong buy by
, right on the heels of its 16% drop on Oct. 5, when rival
announced the purchase of
. Things weren't adding up for Galileo, which hit a 52-week low and dropped 15/16, or 3.2%, to 28 3/16.