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Today saw
the beginning of a new quarter, but unfortunately the same old
worries are still prevalent in the markets. The Dow did manage
to stage a late rally to rise 32 points to 11,382 and the Nasdaq
gained 12 points to end at 2,305.
Investors
continue to have great anxiety about the failing economy,
falling house prices and maybe most importantly soaring oil
prices. Every eye seems to focused right now on oil’s march to
$150 and maybe well beyond. It’s doubtful that the markets will
show any substantial recovery until oil prices start to decline.
For
internet stocks the results were mixed. The internet content
and service stocks were down, but the large caps and travel
stocks manage to eke out minor gains. Small cap stocks continue
to suffer the most as Jupiter Media fell 4% and Answers fell 5%.
Content stocks were also down again today after yesterday’s big
sell-off. TravelZoo and BankRate were both down 7% today.
Surprisingly, travel stocks made a late-day recovery from their
session lows. However, they probably face more tough days ahead
as they markets realize that with the economy declining and gas
prices at all time highs, Americans are very likely to cut back
on their travel plans this year.
On the
positive side, Bidz rose 4% today after recently re-affirming
their 2nd quarter and full year guidance numbers.
Netflix also gained 4% after an analyst upgraded the stock from
‘Under Perform’ to ‘Hold’.
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