Net Stocks Hold Steady Amid Tech Selloff

Although Intel's disappointing results hurt the tech sector at large, some Net stocks were getting boosts from narrower-than-expected losses.
Author:
Publish date:

With technology stocks under broad selling pressure at midmorning after

Intel's

(INTC) - Get Report

negative surprise last night, Internet stocks were weathering the storm fairly well.

Among Internet bellwethers,

Yahoo!

(YHOO)

was rebounding from its recent swoon, up 2 1/4 to 176 1/4;

eBay

(EBAY) - Get Report

was up 2 3/4 to 147 1/2;

Amazon.com

(AMZN) - Get Report

was off 1/8 to 84 7/8; and

America Online

(AOL)

was up 2 3/4 to 116 3/4.

Some Net stocks were getting boosts from narrower-than-expected losses (this is the Internet sector we're talking about here, after all) this morning.

E*Trade

(EGRP)

was up 1, or 3.9%, to 26 3/8 after reporting a third-quarter loss of 11 cents a share, 2 cents above the 10-analyst

First Call/Thomson Financial

consensus but wider than the year-ago 8-cent loss; excluding an acquisition charge, E*Trade lost 10 cents a share. Meanwhile, online business information provider

Hoover's

(HOOV)

was up 1 11/16, or 15.7%, to 12 3/8 after posting last night a second-quarter loss of 29 cents a share, narrower than the three-analyst call for a 35-cent loss.

On the research front,

Goldman Sachs

raised

Ziff-Davis

(ZD)

unit

ZDNet

(ZDZ)

to trading buy from market outperformer. ZDNet was lately up 3 3/8, or 16.9%, to 23 3/8 on the news.

Web infrastructure software firm

Vitria Technology

(VITR)

was up another 3 9/16, or 6.5%, to 55 5/8 after

Merrill Lynch

started its coverage with a near-term accumulate and a long-term buy. Yesterday

Credit Suisse First Boston

started coverage on the stock with a strong buy and set a 12-month price target of 75.

Business-to-business e-commerce software firm

Commerce One

(CMRC)

was rocketing up 9 1/8, or 7%, to 140 on no particular news whatsoever.