Internet stocks, which always seem to make bigger moves on either the upside or downside, did it again today, and it was definitely a downside display.
Stocks overall crumbled as the yield on the 30-year Treasury bond soared. The long bond was down 20/32 to 97 31/32, yielding 6.28%, a little bit off its worst levels of the session. During the day, the bond's yield had risen to levels not seen in two years. Internet stocks, whose high valuations -- let the "understatement" comments fly -- make them sensitive to bonds' movements, were among the market's biggest losers today, although the sector is still sporting juicy gains year-to-date.
As unlikely as it may sound,
TheStreet.com Internet Sector
index actually spent a little time in positive territory. The DOT opened lower but quickly rebounded and around 10:10 a.m. EDT had climbed into positive territory. But the rise into the green didn't last long and soon after, the DOT was trading underwater. The DOT did manage to close off its intraday nadir of 689.65, however.
Leading the DOT's swoon was
, which crumbled 15 5/8, or 8.8%, to 161 1/4. Coming into today, BroadVision was up 453%, year-to-date. The second biggest loser in the DOT was
which was looking real bad at day's end. The stock tumbled 7 3/8, or 6.9%, to 99 3/4.
both gave up a sizable amount of ground.
E-commerce stocks also got shellacked. Among components of
TheStreet.com E-Commerce Index
was a prominent loser. It tumbled 1 1/32, or 9.8%, to 9 15/32.
Elsewhere in the world of e-commerce,
, which is not a component of TheStreet.com E-Commerce Index, was off sharply after
cut its rating on the stock because the stock has risen above its price target of 80. eToys was off 4 1/4, or 5.3%, to 76 1/4.
Online brokers took a beating overall. However, one exception was the
TheStreet.com E-Finance Index
, which actually advanced thanks to better-than-expected quarterly results. It rose 1/4 to 25 5/8. E*Trade is also a component of the E-Commerce index.
Other online brokers weren't as fortunate. For example,
, the online and discount brokerage titan tumbled 3 11/16, or 11.6%, to 28 1/16.
On the plus side, e-commerce software concern
was one of the biggest gainers on the
Nasdaq Stock Market
. It surged 5 1/2 to 136 7/16.