Internet stocks rise after a Monday massacre in the sector. The current ISDEX value is 432.24 with a change of +13.51(+3.23%). However, yesterday's 11% drop effectively means ISDEX is down 8% this week so far.
Today's climb comes on what I think may be stirrings of buyers after the 40% overall correction the group took since April. Selective buying may be coming into the Internet stocks now.
Broadcom (NASDAQ:BRCM) is one of the few Internet stocks to move higher and is near its 52-week high now. Up 10% today to $110 5/8 per share following June 14 unveiling of Microsoft TV on its chip-based so-called 'OpenCable' platform that combines TV, Web and text.
DoubleClick (NASDAQ:DCLK) rebounds 7% after yesterday's 20% plunge partly on news that it agreed to acquire Abacus Direct (NASDAQ:ABDR) for $1 billion in DCLK stock. I like the deal. Now it's up to showing us the merger.
Infoseek (NASDAQ:SEEK) shares rise again on continued speculation Disney (NYSE:DIS) will acquire the 57% of SEEK it doesn't own, possibly merging Disney's Internet interests with SEEK into a new Disney Internet stock. I've already been factoring this merger for the past six months and indeed I refer to the company as 'Go Network' and have done every Thursday in the top 10 Web site valuations I do. Today SEEK rises 16% to $44.50 per share.
iSyndicate raises $14 million from investment bank Hambrecht & Quist, Web content wholesaler InfoSpace.com, Web content software management maker Vignette, newspaper industry Scripps Ventures, Labrador Ventures. iSyndicate aggregates content and lets Websites post leads and headlines from leading sources.