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ISDEX In Rollercoaster Week

Just 12 of the 50 stocks in ISDEX (The Internet Stock Index) showed positive gains since June 9 in a week of wobble and wacky market moves.

NASDAQ, for example, had its biggest one-day point gain ever June 16. For the past several weeks investors debated if the Federal Reserve would put the squeeze on capital in a debate only silenced by Consumer Price Index numbers which said prices were not rising in May vs. April.

Silence for now, until Fed chief Alan Greenspan talks to Congress today and the Fed governors meet at the end of June to discuss the economy.

Until the Fed makes some sort of public stance one way or another on inflation, I expect stocks and bonds to trade favorites in the mind of Wall Street.

That larger issue drives Internet stocks up or down in wild swings indicative of the reward-risk that they represent. Investors who remember November through April had plenty of bull. Since April's 696.76 ISDEX high the bear has been out. It closed June 16 at 477.90, down 31% from the top.

Let's see who's on top and not:

ISDEX ®   16-Jun-99 % change
The Internet Stock Index   close from
www.isdex.com     09-Jun-99
  -31%    
ISDEX 696.76 477.90 -5.4%
NASDAQ   2,517.83 -0.1%
DJIA   10,784.95 0.9%
       
Network Solutions NSOL $ 66.88 11%
Inktomi INKT $ 108.81 11%
StarMedia STRM $ 40.50 8%
Go2Net GNET $ 115.00 7%
Infoseek SEEK $ 49.25 6%
Onsale ONSL $ 18.06 5%
VocalTec VOCLF $ 11.31 5%
Broadcom BRCM $ 113.50 4%
ISS Group ISSX $ 30.75 4%
Cisco CSCO $ 116.25 2%
Sportsline USA SPLN $ 34.25 2%
CheckPoint Software CHKPF $ 52.81 1%
Security Dynamics SDTI $ 16.78 -1%
Amazon.Com AMZN $ 111.69 -2%
@Home Network ATHM $ 94.75 -2%
Broadcast.com BCST $ 108.50 -3%
Yahoo! YHOO $ 141.63 -3%
Broadvision BVSN $ 56.25 -3%
Axent AXNT $ 11.44 -4%
Open Market OMKT $ 12.75 -4%
America Online AOL $ 106.50 -4%
Prodigy PRGY $ 23.44 -4%
Network Associates NETA $ 13.63 -4%
Verisign VRSN $ 55.94 -5%
Xoom.com XMCM $ 45.88 -6%
CyberCash CYCH $ 12.00 -6%
Cyberian Outpost COOL $ 9.88 -8%
iVillage IVIL $ 38.00 -8%
Exodus EXDS $ 83.50 -8%
Preview Travel PTVL $ 15.50 -9%
Infospace.com INSP $ 41.81 -10%
Mindspring MSPG $ 64.88 -10%
Doubleclick DCLK $ 86.88 -10%
Egghead.com EGGS $ 9.94 -10%
Beyond.com BYND $ 21.31 -10%
CNET CNET $ 47.00 -10%
Verio VRIO $ 55.00 -10%
PSINet PSIX $ 38.75 -11%
Security First Technologies SONE $ 34.50 -11%
RealNetworks RNWK $ 60.75 -11%
Lycos LCOS $ 82.44 -11%
CMG Info CMGI $ 93.13 -12%
E*TRADE EGRP $ 35.63 -12%
CDnow CDNW $ 15.50 -13%
Ticketmaster-CitySearch TMCS $ 22.63 -13%
24/7 Media TFSM $ 26.50 -15%
Earthlink Network ELNK $ 41.00 -18%
eBay EBAY $ 148.75 -19%
Concentric CNCX $ 27.88 -20%
USWeb USWB $ 20.50 -21%

News among the moves:

  • 99.06.16 - Amazon.com (NASDAQ:AMZN) agrees to acquire 1 million shares of Sotheby's (NYSE:BID) for $35.44 per share (June 14 close) and also invest $10 million for a 3-year warrant to acquire an additional 1 million shares for $100 per share. More evidence to me that Amazon.com is more than a bookseller and broadening its base dramatically.

  • 99.06.15 - 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.

  • 99.06.15 - 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.

  • 99.06.14 - DoubleClick (NASDAQ:DCLK) agrees to acquire database marketer Abacus Direct (NASDAQ:ABDR) for $1 billion in DCLK stock. DoubleClick says the buy hastens its positive earnings realization and gives it one thing I've been waiting for DoubleClick to add for a long time: marketing muscle.

  • 99.06.11 - eBay (NASDAQ:EBAY) Web site goes down for 22 hours after software from Sun Microsystems (NASDAQ:SUNW) and eBay's system fails, causing investors to selloff EBAY shares in droves. The auction firm says it lost $3 million to $5 million sales from the outage. For a time Yahoo Auctions gained the refugees but after going back online eBay's faithful returned.

  • 99.06.10 - CMGI (NASDAQ:CMGI) posts a worse-than-expected loss for its fiscal third quarter, $0.30 loss per share vs. First Call consensus loss of $0.13. The acquisition of I/PRO accounts for the gap. Revenue jumps to $43.7 million vs. $18.1 million for the quarter ending April 30 last year. CMGI drops 4% to $101.50 per share. The results don't surprise me since CMGI's revenue and earnings is tied to its investments, which of course are tied to the market.


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