It had to happen sooner or later, and today was the day.
After advancing for six sessions in a row,
TheStreet.com Internet Sector
index broke that winning streak and fell sharply. Net stocks swooned along with the rest of the major market averages, which fell in part because of a decaying Treasury market. The benchmark 30-year Treasury bond was off 14/32 to 98 19/32, yielding 6.23%.
The DOT opened a little higher but quickly retreated and traded under water the rest of the session, bottoming in the final hour of trading. It bottomed intraday at the 719.70 level. The DOT's biggest down influence came via portal behemoth
, which gave up 7 1/2 to 173 7/8.
announced an alliance with IBM
to offer the Excite portal as the Internet launch page on IBM's Aptiva line of PCs. The news, however, did nothing to spark enthusiasm for shares of Excite@Home. Its stock fell 3 3/16, or 6.6%, to 45. Meanwhile,
yesterday took a look at the performance of Excite since the closing of its merger with @Home.
gave back some of the whopping gains it enjoyed yesterday. It fell 7 1/2, or 21.4%, to 27 5/8, after surging 13 1/2 to 35 1/8 yesterday.
All was not gloom and pain in Netland, however. Select stocks in the sector soared.
, a provider of electronic commerce solutions, was a gainer, soaring 9 13/16, or 8.1%, to 131. Commerce One went public in July at $21 a share.
Among other big gainers,
hopped 10 3/8, 20% to 62 11/16, on word that
would use E.piphany's data-collection software.
didn't do too bad for itself either. The Net software concern soared 8 3/8, or 18%, to 55, after
Credit Suisse First Boston
analyst Wendell Laidley initiated coverage of Vitria with a strong buy rating and set a 12-month price target of 75 on the stock. The analyst, in a research note, said Vitria "is capable of delivering revenue growth of 70%-plus for the next three to five years." Credit Suisse was the lead underwriter on Vitria's IPO last month. Vitria went public at $16 a share last month.
Among other notable gainers,
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% increase over the year-ago period. Modem Media jumped 10 3/4, or 27.4% to 50.