Go2Net Tops ISDEX Year To Date
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Today's snapshot: panorama for the year to date, just which Internet stocks are up, down or spinning all around in a market taking its cues from interest rate fears, Internet hypergrowth and merger mania?
First, back in January when I mentioned Go2Net (NASDAQ:GNET) as a top pick for 1999 there were few signs it would fit the bill. Through June 24 GNET led ISDEX by far in percentage gains, up 688%.
In the interim the few key things that set Go2Net apart in my mind were the quality of its management led by Russ Horowitz, its willingness to adapt, and its aggressive growth strategy. Those were likely the similar elements that billionaire Paul Allen saw when his Vulcan Venture Group investing arm agreed to acquire a major stake in Go2Net announced March 15.
Go2Net's been non-stop since then, ramping out its Hypermart business hosting site, adding auctions, acquiring IQC (charting and technical analysis site) and more.
CNET (NASDAQ:CNET) comes in #2 year to date with a stellar performance, up 288%. Driving this one I think was its positive earnings surprise in April and move into commerce with shopping/auction services. NBC investing in SNAP! and a series of other Internet spin out or investments from CNET -- Vignette, the popular content server for another one -- also positioned CNET as more than a nerdy news and resource site.
May 20 NASDAQ 100 added CNET to the roster, further boosting the Internet/cable content producer's profile.
Before I go further let's check the tally:
|ISDEX ®||24-Jun-99||% change||Point change||% change|
|The Internet Stock Index||close||from||from||from|