dcsimg
RealTime IT News

Internet Stocks Drop From Top But Still Ahead

Investors in Internet stocks this year have been running with the bulls. On April 19 they discovered that bulls have horns as ISDEX fell an average of 18% in one day. The drop from the top prompted scores of experts to appear on CNBC, Bloomberg, etc. and dust off the 'bubble bursting' analogy while calling it 'analysis.'

I strongly believe sometimes the TV folks blow up their inflatable analysts and pull the string every time Internet stocks fall. Sound bytes are always the same with no real numbers or basis to support the opinions. Here's the part blow up theorists leave out:

Internet stocks this year have gained more than 147% to their highs as gauged by Internet.com's ISDEX. And even after Monday's free fall ISDEX was up 74% for the period 12/31 through 4/19. That means the Internet sector handily beats all other indices that we track, Dow and NASDAQ included.

So I believe Internet stocks had some to give back after getting ahead of themselves.

Add to that perhaps the real culprit in the pullback was a glut of new offerings spamming Wall Street. I counted more than 75 ".coms" of one flavor or another trying to go public so far this year, many still in registration (and probably on the edge of their seats watching the market now).

Before we go on let's see the one-day damage report, April 19 vs. April 18:

internet.com's ISDEX

who ticker 4-19 close point drop % drop
VocalTec VOCLF $ 10.25 $0.19 2%
CheckPoint Software CHKP $ 31.38 $0.06 0%
Axent AXNT $ 9.56 -$0.13 -1%
Network Associates NETA $ 15.25 -$0.81 -5%
Cisco CSCO $ 100.00 -$5.69 -5%
Security Dynamics SDTI $ 18.25 -$1.38 -7%
Cyberian Outpost COOL $ 14.50 -$1.63 -10%
Preview Travel PTVL $ 20.50 -$2.44 -11%
Egghead.com EGGS $ 13.50 -$1.69 -11%
eBay EBAY $ 154.13 -$21.88 -12%
Earthlink Network ELNK $ 60.19 -$8.56 -12%
Broadcast.com BCST $ 117.75 -$17.56 -13%
USWeb USWB $ 24.75 -$3.75 -13%
Yahoo! YHOO $ 163.69 -$25.50 -13%
GeoCities GCTY $ 107.50 -$17.25 -14%
iVillage IVIL $ 83.50 -$13.50 -14%
Mindspring MSPG $ 87.25 -$14.31 -14%
Open Market OMKT $ 12.75 -$2.13 -14%
Broadcom BRCM $ 60.00 -$10.13 -14%
CyberCash CYCH $ 15.88 -$2.75 -15%
Go2Net GNET $ 146.75 -$27.25 -16%
Prodigy PRGY $ 29.88 -$5.63 -16%
CDnow CDNW $ 13.38 -$2.56 -16%
Amazon.Com AMZN $ 158.94 -$31.06 -16%
America Online AOL $ 115.88 -$23.88 -17%
Concentric CNCX $ 70.03 -$14.53 -17%
ISS Group ISSX $ 46.75 -$9.75 -17%
Verio VRIO $ 51.16 -$10.84 -17%
Lycos LCOS $ 75.75 -$16.50 -18%
@Home Network ATHM $ 118.94 -$26.00 -18%
CMG Info CMGI $ 214.00 -$46.88 -18%
Sportsline USA SPLN $ 40.00 -$9.63 -19%
24/7 Media TFSM $ 41.00 -$10.00 -20%
Security First Technologies SONE $ 91.50 -$23.13 -20%
E*TRADE EGRP $ 73.81 -$18.75 -20%
Xoom.com XMCM $ 67.50 -$17.50 -21%
Onsale ONSL $ 23.88 -$6.44 -21%
Network Solutions NSOL $ 70.50 -$19.25 -21%