SAN FRANCISCO -- Despite a recovery in Latin American stock markets, Internet stocks remain in a funk, though the sector has stabilized after early losses.
Jim Herrick, managing director of trading with
Robert W. Baird
, said the deals that have been announced over the past couple of days haven't been big enough, nor have they been viewed positively enough to boost the sector. He said emotions continue to drive the sector, and the market's weak tone lately needs a catalyst to get buyers interested again.
Buyers have returned to
after early losses. The online retailer launched two new stores:
Amazon.com Toys & Games
. After dropping to a low of 115, Amazon was up 3, or 2.6%, at 120 3/8 in recent trading.
And revisiting Monday's big
, there still was consternation among Infoseek shareholders. Infoseek was recently trading down 2 7/16, or 5%, at 43 1/2, with investors continuing to bail in a buy-the-rumor, sell-the-fact scenario.
Two new Net issues were having a solid showing today. As expected, shares of
(CHINA:Nasdaq) were surging on its debut. It was up 36 3/8, or 182%, at 56 3/8 in recent trading.
, a provider of outsource email and messaging products, was up 6 13/16, or 43%, at 22 13/16.
, which went public last month, were sharply higher again today. Ramp Networks, which makes software products to help businesses connect to the Internet, said Monday that it was in a deal with
. Ramp Networks will team with
Ideal Technology Solutions
to improve GM's Internet access for GM dealerships and customers. Ramp was up 3 3/8, or 14%, at 27 1/4.