Another Week, Another Drubbing for 'Net Stocks
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Last week, the Speed/Bandwidth sector was the worst-performing of our 13 Internet groups, losing 8.8%. This week, Speed/Bandwidth bounces back to lead all 'Net sectors - and still finishes in the red. That's how the month has gone for Internet stocks. For the second consecutive week, all sectors lose ground, despite Wednesday's rally. How long can this go on? I hate to say it, but it could be for quite awhile. Investors are still flinching over earnings warnings, while high-profile flameouts such as Amazon.com and CMGI continue to provoke investor anxiety and despair. One thing is for sure: Fall rally or no fall rally, it's now clear that the majority of Internet stocks will finish the year down. (Of course, some won't even finish the year.) Roughly 80% of the stocks that have been trading all year are down at least 30%, and only 30 of 293, or 10%, are up. Four of our sectors have no year-to-date gainers, while another four have only one each. If an autumn ascent is to begin in September, which I've been expecting, it had better start soon. Today, the first official day of fall, would be a swell time, but it's not likely this bearish market will turn bullish before the Q3 numbers start rolling in.
*Market Cap figure is in millions unless otherwise noted.
PERFORMANCE BY SECTOR Ave. 7-Day % Change Speed/Bandwidth -0.2% Security -2.4% Wireless -3.2% E-commerce Enablers -4.4% Search/Portals -4.4% Financial Services -5.2% Advertising/Marketing -6.2% Internet Services -6.4% Content/Communities -7.5% E-tailers -7.6% Performance Software -7.9% Consultants/Designers -8.1% ISPs/Access Providers -9.7% TOP 10 GAINERS 7-Day % Gain Category HAND Handspring 38.7% Wireless BNBN barnesandnoble.com 31.4% E-tailers VLCT ValiCert 28.5% Security COBT Cobalt Networks 26.6% Performance Software MNDO Mind C.T.I. 25.6% Performance Software IWOV Interwoven 24.5% Performance Software APLN @Plan.Inc 23.4% Advertising/Marketing EBAY eBay 22.5% E-tailers IMNY I-Many 22.3% E-Commerce Enablers BRNC Braun Consulting 21.1% E-Commerce Enablers TOP 10 LOSERS 7-Day % Loss Category ALLR Allaire -54.0% Performance Software USIT U.S. Interactive -51.1% E-Commerce Enablers MPLX Mediaplex -48.1% Advertising/Marketing NPLI Netpliance -39.1% ISPs/Access Providers MYPT MyPoints.com -38.8% Advertising/Marketing QKKA Quokka Sports -35.7% Content/Communities ZIPL Ziplink -33.3% ISPs/Access Providers PSIX PSINet -33.1% ISPs/Access Providers INTW InterWorld -30.0% E-Commerce Enablers BWAY Breakaway Solutions -28.8% Internet Services ******************************************************************** WIRELESS PRODUCTS/SERVICES 9/20 7-Day 7-Day 1-Month YTD Market Company $Close $Change %Change %Change Cap HAND Handspring 51.56 14.38 38.7% 51.1% N/A 6.5B PHCM Phone.com 101.38 13.25 15.0% 18.6% -11.5% 8.4B PALM Palm 54.50 6.00 12.4% 43.7% N/A 30.8B SVNX 724 Solutions 51.00 3.88 8.2% 46.8% N/A 1.9B VYYO Vyyo 31.38 -0.25 -0.8% 30.7% N/A 1.2B AETH Aether Systems 129.88 -6.00 -4.4%