Tech Issues Remain Under Fire in Afternoon Trading

The sector has dipped with the broader market and is adding to its losses yesterday.
Author:
Publish date:

Internet stocks were getting pounded this afternoon, falling with the rest of the market and adding to the losses the sector sustained yesterday.

Although Net stocks were getting shellacked, Net gauges were off their worst levels of the session. However, with losses in Net barometers running from off 2.1% to 1.5%, that's providing Internet traders and investors with what could only be called frigid comfort.

The Treasury market's slump was one of the culprits for the market's tumble as long-term interest rates rose after holding steady through most of the morning. The 30-year Treasury bond was down 19/32 to 97 31/32, yielding 6.28%. The long bond, which was little changed through most of the morning, at midday slumped under the weight of corporate supply as players sold governments to hedge purchases of corporates. The yield on the 30-year Treasury is now above its high of 1999, 6.26%.

TheStreet.com Internet Sector

index opened lower but quickly rebounded, and by around 10:10 a.m. EDT it had climbed into positive territory. But the rise into the green didn't last long, and the index dropped quickly back into negative territory.

The DOT's intraday nadir is 703.94.

BroadVision

(BVSN) - Get Report

, which has been a whopping highflier, was the stock damaging the DOT the most. It was off 6% to 167 3/4. Coming into today, BroadVision was up 453% year to date.

E-commerce stocks weren't faring much better.

TheStreet.com E-Commerce

index was getting hammered, with

Egghead.com

(EGGS)

a prominent loser in the index. It was off 5/8, or 6%, to 9 31/32.

Elsewhere in the world of e-commerce,

eToys

(ETYS)

, which is not a component of TheStreet.com E-Commerce index, was off sharply after

Goldman Sachs

cut its rating on the stock because it has risen above its price target of 80. eToys was off 5 1/4, or 7%, to 75 3/8.

TheStreet.com E-Finance

index was managing to hold off the deep losses being suffered by its siblings.

E-Finance and E-Commerce index component

E*Trade

(EGRP)

was up 1 to 26 3/8, after reporting better-than-expected quarterly results.

As for some big winners,

Commerce One

(CMRC)

was one of the biggest gainers on the

Nasdaq Stock Market

. It was up 8% to 142 1/4.