SAN FRANCISCO -- The Internet sector was having trouble turning Thursday's rally into something a little more meaningful, and a number of companies scheduled to come public Friday had second thoughts.
Net stocks have been extremely interest rate-sensitive, so this morning's strong jobs
report and its potential impact on
policy have caused some consternation in the sector. But Thursday's rally was fueling hopes that the worst was over in the sector and that a recovery could continue. These offsetting factors were making for a mixed session.
TheStreet.com Internet Sector
index was down 4.08, or 0.8%, at 509.47. The DOT has bounced around some, trading between 501.49 and 526.24.
Adding to the uncertainty in the marketplace was the mixed performance of the Internet bellwethers. Both
were trading higher following some positive
. Yahoo! was up 3 1/16, or 2.4%, at 131 7/16, while AOL was up 2 11/16, or 3%, at 86 5/8.
But the gains were far from broad-based among the big names.
was down 5 1/4, or 5.5%, at 92. And
, which was once again experiencing site problems today, was off 6 1/8, or 6.6%, at 86 3/4.
In the IPO market, five of the seven companies scheduled to go today were delayed, though only one company actually said the move was due to market conditions.
(BRNC:Nasdaq) all were delayed. Braun Consulting said the delay was due to the market conditions, and was now scheduled to go on Monday, along with Hotjobs.com. The other three were expected to go some time next week.
The two IPOs that have debuted were showing lackluster returns.
(TMWD:Nasdaq), a provider of secure Internet communications services, was recently down 3/8, or 3%, at 11 5/8. And
(IGLD:Nasdaq), an Israeli Internet service provider, was up 1/8, or 1%, at 12 1/8
Many of the brokerage stocks were getting hurt by this morning's data.
was off 1 5/16, or 5%, at 26 1/16.
was down 1 1/16, or 4.5%, at 22 1/2 and
was down 2, or 5%, at 39 3/4.
were benefiting from news of an alliance with America Online. AOL said it had reached deals with the two ISPs to distribute co-branded versions of AOL Instant Messenger service. MindSpring was up 2 13/16, or 11%, at 28 13/16 and EarthLink was up 4 1/16, or 11%, at 41 1/8.