SAN FRANCISCO -- After the
deal was deemed a bust by many investors, the Internet sector was looking for a shot in the arm. It may have received it with last night's earnings report from
CNet, which took a beating following the Lycos merger with
, rocketed early after it announced better-than-expected earnings and a 2-for-1 split yesterday. CNet jumped 18 3/4, or around 20%, to 110 1/16 after it announced earnings of 17 cents a share vs. the
consensus estimate of 10 cents a share. CNet had fallen more than 30 points in the last two sessions after the Lycos deal was reported.
Lycos was also trading higher early. After finding some support after reaching a low of 77 on Wednesday, Lycos has climbed back above 90 and was trading 7 1/2 higher at 94 3/4.
On the downside,
continues to slide. Concerns over eventual competition for the registrar of Internet domains, along with a secondary offering, have battered the stock this week. Network Solutions was down 7 13/16 to 146 1/6 early. It was trading at 254 3/4 on Feb. 1.
Trade with Caution
has been one of the most volatile stocks of late, and that trend continues today. In early trading, Ameritrade was up 7 11/16 to 91. It went from a high of 135 on Feb. 4 to 61 7/8 on Feb. 10 before recovering. One thing to note is that it has a relatively small float of 7.1 million shares, which contributes to volatility.
Making early morning appearances at the
Goldman Sachs Technology Symposium
will provide coverage of the
conference throughout the day.
Though tech stocks have been shaky over the past week, the IPO market remains red hot and is not expected to cool off despite three more Internet issuances today.
, an Internet health-care company, was priced at 8;
, which offers online commerce for businesses, was priced at 16; and
, an online provider, was priced at 15.
As originally published this story contained an error. Please see
Corrections and Clarifications.