Earnings Storm Passes, But The Sun Isn't Shining Yet
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The freefall in Internet stocks that accompanied the release of Q2 earnings reports over the past several weeks appears to have ended, but that doesn't mean 'Net tickers are poised for a comeback.
The fact is that the vast majority of Internet companies reported losses in the recent quarter; not exactly the foundation upon which to build a rally. Also, though investor fears of interest-rate hikes may have eased, they certainly have not dissipated.
Finally, it's August, which means much of Wall Street is in the Hamptons, Europe or Martha's Vineyard. While there may be a bit of back and forth in the remaining days of August, look for 'Net tickers to be pretty much where they are now come Labor Day. Best bets for advances are the infrastructure players (Speed/Bandwidth posted the only strong week), wireless companies and the Security sector, which has shown more stability than all other groups in the year to date.
PERFORMANCE BY SECTOR Ave. 7-Day % Change Speed/Bandwidth +9.1% Performance Software +4.3% Security +2.5% Advertising/Marketing -0.3% Content/Communities -0.8% ISPs/Access Providers -1.1% Search/Portals -1.2% Internet Services -1.2% E-commerce Enablers -1.2% E-tailers -2.3% Wireless -2.5% Consultants/Designers -3.4% Financial Services -3.6% TOP 10 GAINERS 7-Day % Gain Category PNVN PNV 52.3% ISPs/Access Providers SWCM Software.com 44.8% Performance Software EPAY Bottomline 44.6% E-Commerce Enablers PKSI Primus Knowledge 41.0% Performance Software RAMP Ramp Networks 39.5% Speed/Bandwidth SNOW Snowball.com 39.4% Content/Communities GDEN Garden.com 37.9% E-tailers NTGX net.Genesis 37.5% Performance Software ETIN Etinuum 32.0% Internet Services JNPR Juniper Networks 30.5% Speed/Bandwidth TOP 10 LOSERS 7-Day % Loss Category LOAX Log On America -28.4% ISPs/Access Providers WBSN Websense -28.3% Performance Software HSTM HealthStream -26.8% Content/Communities IPET Pets.com -26.1% E-tailers PFSW PFSweb -26.0% E-Commerce Enablers KOOP drkoop.com -25.7% Content/Communities DTHK DigitalThink -25.7% Content/Communities DRTN Data Return -24.6% Internet Services ITRA Intraware -24.6% E-Commerce Enablers VATA Versata -23.2% Performance Software ******************************************************************** WIRELESS PRODUCTS/SERVICES 8/9 7-Day 7-Day 1-Month YTD Market Company $Close $Change %Change %Change Cap HAND Handspring 35.31 5.75 19.5% 21.2% N/A 4.4B PHCM Phone.com 91.13 9.88 12.2% 19.0% -21.6% 7.2B PRTH Parthus 28.00 1.38 5.2% 6.2% N/A 1.4B MCOM Metricom 34.19 1.44 4.4% 22.9% -56.6% 1.0B INSP InfoSpace 31.38 -0.06 -0.2%