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ISDEX, Which Are Leaders on Bottom?

Au contrare. Not my typical investment style but when you see some market leaders down in the bottom 10 of the 50 stocks in ISDEX it makes me wonder if the percentages mean anything. Maybe they do.

Case in point: DoubleClick (NASDAQ:DCLK). Since June 16 it's off -2%, which taken in that timeframe may not seem substantial. But let's back out and take a wider look.

DCLK hit the skids on rumors of the now confirmed deal between Compaq's AltaVista unit and CMGI (NASDAQ:CMGI). AltaVista accounts for about half of DCLK's revenue. The fear was that CMGI, with its own ad properties, would bump DoubleClick off AltaVista.

Two things that may benefit DoubleClick here: 1) the agreement between DoubleClick and AltaVista is for 3 more years and 2) CMGI has a stable of startups that may use DoubleClick if they are deployed on AltaVista.

So in the weird science of the Web DoubleClick may benefit from the CMGI deal with AltaVista. 3 years is a long time on the Internet also.

Next Infoseek (NASDAQ:SEEK). It's housecleaning time here.

Go.com is a better brand -- bring on board some marketing guru to head this one up, same as Steve Case (of Proctor & Gamble fame before AOL) heads up AOL. It's a marketing war, not technology war. Go.com needs a heavy injection of "fun," the kind that drives Yahoo!, eBay and others.

Still, I have to believe that SEEK looks undervalued to the Mouseketeer potential. That the long battle ahead is driven by TV to Web and back. Something should happen in the Magic Kingdom.

AOL (NYSE:AOL). Just sits there. At $106 per share and $114 billion market cap. If AOL was sold in parts it could fetch much more. Most users globally, most cash, most earnings, most well-known brands.

I think the street waits on a cable deal to ignite the fire here. Go broadband via satellite AND coaxial AND twisted pair on DSL.

Let's see the 50 stocks in ISDEX since June 16:

ISDEX ®   29-Jun-99 % change Point change % change
The Internet Stock Index   close from from from
www.isdex.com     16-Jun-99 16-Jun-99 31-Dec-98
          or 1999 IPO
ISDEX   522.27 9.3% 44.37 55.0%
NASDAQ   2,642.11 4.9% 124.28 20.5%
DJIA   10,815.35 0.3% 30.40 17.8%
           
Earthlink Network ELNK $ 59.88 46% $18.88 5%
Verisign VRSN $ 77.88 39% $21.94 32%
Go2Net GNET $ 79.63 38% $22.13 800%
Preview Travel PTVL $ 21.06 36% $5.56 14%
Concentric CNCX $ 37.81 36% $9.94 127%
Mindspring MSPG $ 43.88 35% $11.44 44%
Beyond.com BYND $ 27.44 29% $6.13 32%
StarMedia STRM $ 52.13 29% $11.63 248%
Exodus EXDS $ 106.00 27% $22.50 230%
24/7 Media TFSM $ 33.00 25% $6.50 18%
PSINet PSIX $ 47.38 22% $8.63 127%
Verio VRIO $ 65.75 20% $10.75 194%
Broadvision BVSN $ 67.13 19% $10.88 110%
CMG Info CMGI $ 110.31 18% $17.19 314%
Infospace.com INSP $ 48.88 17% $7.06 156%
iVillage IVIL $ 44.31 17% $6.31 85%
Security Dynamics SDTI $ 19.56 17% $2.78 -15%
Security First Technologies SONE $ 40.13 16% $5.63 163%
ISS Group ISSX $ 35.69 16% $4.94 30%
Lycos LCOS $ 94.94 15% $12.50 71%
CNET CNET $ 54.13 15% $7.13 320%
Ticketmaster-CitySearch TMCS $ 25.94 15% $3.31 -54%
Network Solutions NSOL $ 76.38 14% $9.50 17%
CDnow CDNW $ 17.63 14% $2.13 -2%
Broadcast.com BCST $ 122.63 13% $14.13 221%
Yahoo! YHOO $ 160.00 13% $18.38 35%
RealNetworks RNWK $ 68.63 13% $7.88 283%
USWeb USWB $ 22.94 12% $2.44 -13%
Broadcom BRCM $ 126.50 11% $13.00 110%
VocalTec VOCLF $ 12.50 10% $1.19 11%
E*TRADE EGRP $ 39.19 10% $3.56 235%
@Home Network ATHM $ 51.94 10% $4.56 40%
Inktomi INKT $ 119.13 9% $10.31 84%
Network Associates NETA $ 14.88 9% $1.25 -78%
Egghead.com EGGS $ 10.81 9% $0.88 -48%
Cisco CSCO $ 62.50 8% $4.38 35%
Xoom.com XMCM $ 48.50 6% $2.63 47%
Open Market OMKT $ 13.38 5% $0.63 14%
Amazon.Com AMZN $ 116.06 4% $4.38 8%
Onsale ONSL $ 18.19 1% $0.13 -55%
America Online AOL $ 106.00 0% -$0.50 37%
CyberCash CYCH $ 11.81 -2% -$0.19 -21%
Axent AXNT $ 11.25 -2% -$0.19 -63%
Doubleclick DCLK $ 85.19 -2% -$1.69 283%
CheckPoint Software CHKPF $ 51.44 -3% -$1.38 12%
Sportsline USA SPLN $ 33.00 -4% -$1.25 112%
Prodigy PRGY $ 22.44 -4% -$1.00 50%
eBay EBAY $ 140.75 -5% -$8.00 75%
Infoseek SEEK $ 46.25 -6% -$3.00 -6%
Cyberian Outpost COOL $ 9.03 -9% -$0.84 -67%


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