The Net sector is no haven in this morning's market storm, but it's come back from its lows along with the rest of the equity scene.
TheStreet.com Internet Sector
index lately was off 24, or 3.4%, to 672, with none of its 20 components holding up particularly well. The DOT has traded as low as 651.74. The story was similar on
Just to pick a few individual names,
was down 4 15/16, or 4.3%, to 110 1/16;
was down 3 1/2, or 4.4%, to 76 1/8;
was down 5 7/16, or 3.1%, to 167 7/8;
was down 7/8, or 3.3%, to 25 11/16; and
was down 4 3/4, or 3.4%, to 136 13/16.
The sweeping selloff stems from the one-two wallop of a strong September
Producer Price Index
and last night's hawkish
was suffering far worse than most of its Net brethren, off 2 1/2, or 18.6%, to 11 after late
yesterday warning of a third-quarter revenue shortfall. The stock, which set a record with its opening-day gain of 606%, has traded as low as 9 13/16 today. That's just a teenie higher than its 52-week low of 9 3/4.
slashed the stock to neutral from attractive.
Speaking of opening days,
Morgan Stanley Dean Witter
maintains that IPO
, priced last night at the top of its $8-to-$10-a-share range, will open today as planned. The
competitor is offering 3.75 million shares. (iVillage, for its part, lately was off 1 13/16, or 5.6%, to 30 9/16.)
And speaking of Bear Stearns, the firm upped estimates on
, which late yesterday reported a narrower-than-expected third-quarter loss. Bear moved its 1999 loss estimate to $1.23 a share from $1.27 and its 2000 loss estimate to $1.25 a share from $1.31. US Search.com, despite all of its good news, was off 3/16, or 1.6%, to 11 1/2.
One of the few consistent bright spots in the tech world this morning was
, lately up 4, or 4.6%, to 93 3/8 after late yesterday reporting stronger-than-expected first-quarter earnings and issuing a bright second-quarter outlook.
Banc of America Securities
upgraded Sun to buy from market perform, while
Credit Suisse First Boston
boosted their earnings estimates on the company.