SAN FRANCISCO -- What looked to be the start of something very bad finished with traders saying all's well that ends well. Technology stocks recovered along with the broader market, erasing steep losses.
Like Friday, the recovery gathered steam after the close of Treasury futures trading around 3 p.m EDT. Though higher Treasury yields have weighed on stocks in recent sessions, the Treasury market made slow but steady progress through the afternoon today, pushing yields lower.
Gains were seen throughout tech, with the Internet sector bouncing back like a bungee cord.
was an extreme example of what went on in the sector. priceline.com, which beat earnings expectations on Tuesday, closed up 17 3/16, or 13%, at 151 13/16. But check out the trading range in the stock -- 120 1/8 to 152. There was some profit-taking after an initial spike early in the day, and the stock traded to lows as the market fell apart midday before coming back in the afternoon.
closed up 3 1/2, or 3%, at 146 1/2, but traded between 133 7/8 and 148 1/4. Also,
, which has been driven lower by the higher bond yields, closed up 3 15/16, or 2%, at 177 after trading to a low of 154 15/16.
was among the best-performing Net stocks, closing up 10 3/16, or 23%, at 55 1/8 after
Warburg Dillon Read
upgraded the stock to buy from hold with a price target of 75.
Also among the day's winners was
following news that the company was getting out of the PC chip-making business. It closed up 3 1/16, or 21%, at 17 11/16.
also had a good day, closing up 4 1/4, or 8%, at 57 5/16.
Two Out of Three Ain't Bad
Three Internet-related IPOs debuted today and two of them had strong showings.
(NPNT:Nasdaq), a provider of high-speed Internet access, had an impressive opening, closing up 16 1/4, or 68%, at 40 1/4.
Gains in Northpoint also appeared to give a lift to shares of
, which has a stake in Northpoint. @Home closed up 19 1/4, or 14%, at 154 15/16. @Home benefited additionally from news that
had made a deal with
that will clear the way for AT&T to take over
. AT&T owns a stake in @Home through its acquisition of
, which has agreed to be bought by @Home, closed up 21 9/16, or 16%, at 159 3/4.
(SILK:Nasdaq), an Internet software provider, also closed strong, finishing up 20 1/8, or 134%, at 35 1/8.
(CDOT:Nasdaq), which provides commercial real estate information on the Internet and offline, actually had the ignominious claim of being the first recent Internet IPO to close lower in its first day of trading. It ended down 3/4, or 5%, at 14 1/4.
Drives the Internet sector?
No one stock does