Net Stocks Struggle to Stay on the Plus Side

Even on its quieter days, the sector manages to produce more than its fair share of momentum plays.
Author:
Publish date:

At midafternoon, with the broader market mixed in extremely light holiday trading, the Net sector was making its latest attempt to make a sustained breakout to the plus side.

TheStreet.com Internet Sector

index was up 8.5, or 1.4%, to 629.

Even on its quieter days, the Net sector manages to produce more than its fair share of momentum plays.

Running up on nothing in particular beyond investors' fierce appetite today for business-to-business Net plays is

Commerce One

(CMRC)

, a provider of e-commerce software and services. Commerce One was lately up 22 15/16, or 23%, to 123.

The same frenzy was also seizing

Internet Capital Group

(ICGE)

, a holding company that invests in the Internet business-to-business market. Internet Capital was lately up 12 1/4, or 15.1%, to 93 1/2. That puts its market capitalization close to $11.7 billion, nearly $4 billion larger than

CMGI's

(CMGI)

$7.9 billion market cap.

Still, that considerable market cap came in handy for CMGI today, as it announced that it has agreed to buy Web advertising service provider

AdForce

(ADFC)

for more than $425 million in stock, or around $21.70 a share based on CMGI's latest price. AdForce was lately up 13/16 to 20 3/8; CMGI was up 3 1/2 to 83 7/16.

Razorfish

(RAZF)

and

priceline.com

(PCLN)

were up 22.2% and 9%, respectively, after upgrades from

Lehman Brothers

and

Warburg Dillon Read

BroadVision

(BVSN) - Get Report

and

RealNetworks

(RNWK) - Get Report

were each extending their morning gains, each up 6%. BroadVision inked a deal today to provide e-business software services to clients of

Sony

(SNE) - Get Report

unit

Sony Broadcast & Professional Europe

.

Meanwhile, eBay fell 7 1/8, or 5.1%, to 133 9/16, after

Microsoft

(MSFT) - Get Report

,

Excite@Home

(ATHM) - Get Report

and

Ticketmaster Online-CitySearch

(TMCS)

formally launched their rival

FairMarket Auction Network

.