Tech Regains Its Footing

Stocks trade in a wide range, ultimately closing up. And of three Internet IPO debuts, one finishes down.
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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.

Action in

priceline.com

(PCLN)

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.

Amazon.com

(AMZN) - Get Report

closed up 3 1/2, or 3%, at 146 1/2, but traded between 133 7/8 and 148 1/4. Also,

NetB@nk

(NTBK)

, 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.

Infoseek

(SEEK)

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

National Semiconductor

(NSM)

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.

Applied Materials

(AMAT) - Get Report

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.

Northpoint Communications

(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

@Home

(ATHM) - Get Report

, which has a stake in Northpoint. @Home closed up 19 1/4, or 14%, at 154 15/16. @Home benefited additionally from news that

AT&T

(T) - Get Report

had made a deal with

Comcast

(CMCSA) - Get Report

that will clear the way for AT&T to take over

MediaOne

(UMG)

. AT&T owns a stake in @Home through its acquisition of

TCI

. And

Excite

(XCIT)

, which has agreed to be bought by @Home, closed up 21 9/16, or 16%, at 159 3/4.

Silknet Software

(SILK:Nasdaq), an Internet software provider, also closed strong, finishing up 20 1/8, or 134%, at 35 1/8.

However,

Comps.com

(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?

Yahoo!

eBay

Amazon.com

America Online

No one stock does