If there was a group of stocks due for a pullback, it would be those of the Internet strain, and that's exactly what they were doing this afternoon.
Among the components of
TheStreet.com Internet Sector
was taking the worst beating, off 5% to 173 9/16. Not too far behind was Net portal powerhouse
, which was down 6 1/2 to 175.
From its August low to yesterday's close, the DOT rallied 55%.
Stocks overall today were slumping under the weight of a sinking Treasury market. The benchmark 30-year Treasury bond was off 15/32 to 98 17/32, yielding 6.23%.
E-finance stocks were getting pounded.
, which issued a profit warning yesterday, continued to fall today, but only modestly. It was down 5/8 to 25 3/4. Online brokers overall were slumping.
In Net news,
announced an alliance with
to offer the Excite portal as the Internet launch page on IBM's Aptiva line of PCs.
yesterday took a look at the performance of Excite since the closing of its merger with @Home. Excite@Home was down 4% to 46 1/4.
Meanwhile, among story stocks of the Net variety,
Modem Media Poppe Tyson
, an online ad agency, was flying on news it expects revenue for the third quarter to top $21 million, which would be a 90% jump over the year-ago period. Modem Media was soaring, up 10 3/4, or 27.4% to 50.