IPOs Fall As Newer Issues Pop
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Cool summer. This Net IPO group fell 12.3% since July 15 as new issues soaked up liquidity. Who? MP3.com (NASDAQ:MPPP), Gadzoox (NASDAQ:ZOOX), to name two. But let's see how the "older" IPOs have done, those more than a month old anyway.
Biggest gainer in the IPO group, in fact the only gainer was Vignette (NASDAQ:VIGN), with a paltry 3.7% rise. Compared to its sibling IPO-u-tantes in the table that's a home run.
AskJeeves (NASDAQ:ASKJ) shares dropped the most with a 25% slide to $46 per share from $61.88. The butler has no answer as to why.
Of those in the group that I find attractive there's only two: Autoweb, since it hasn't had any recognition from IPO and BackWeb (NASDAQ:BWEB). Let's talk more about BackWeb.
Let's see the box:
|name||Symbol||sold||price||close||change vs. 7/15|
|Vignette||VIGN||4.00||$ 19.00||$ 73.00||3.7%|
|BackWeb||BWEB||5.50||$ 12.00||$ 30.38||-3.6%|
|MarketWatch||MKTW||2.75||$ 17.00||$ 47.81||-6.9%|
|OneMain||ONEM||8.50||$ 22.00||$ 26.75||-8.9%|
|Allaire||ALLR||2.50||$ 20.00||$ 57.13||-9.3%|
|drkoop.com||KOOP||9.40||$ 9.00||$ 31.06||-9.5%|
|Autoweb||AWEB||5.00||$ 14.00||$ 14.00||-10.0%|
|Verticalnet||VERT||3.50||$ 16.00||$ 96.38||-10.7%|
|Healtheon||HLTH||5.00||$ 8.00||$ 56.25||-12.1%|
|Prodigy||PRGY||8.00||$ 15.00||$ 23.88||-12.6%|
|iVillage||IVIL||3.65||$ 24.00||$ 49.75||-12.8%|
|WebTrends||WEBT||3.50||$ 13.00||$ 36.00||-13.0%|
|StarMedia||STRM||7.00||$ 15.00||$ 46.75||-13.8%|
|Pacific Internet||PCNTF||3.00||$ 17.00||$ 39.25||-14.7%|
|Marimba||MRBA||4.00||$ 20.00||$ 40.00||-17.1%|
|Priceline.com||PCLN||10.00||$ 16.00||$ 83.56||-17.4%|
|About.com||BOUT||3.00||$ 25.00||$ 37.38||-21.1%|
|Ask Jeeves||ASKJ||3.00||$ 14.00||$ 46.00||-25.7%|
drkoop.com (NASDAQ:KOOP) posted a second-quarter loss of $1.28 per share on $1 million revenue. The newbie IPO came out in June and now boasts 328,000 registered users, up 121% vs. the previous quarter.
That translates into a value per registered user of $2,605.79, which I think seems reasonable if the good doc can actually find a way to monetize those users, maybe selling health and nutrition supplies to them or selling the user base to pharmaceutical firms--a much more likely scenario.
VerticalNet (NASDAQ:VERT) showed strong second-quarter results with a 505% jump in revenue to $3.55 million, a notable increase in my view. Net loss reflects its commitment to expand so I am not as concerned with the $6.76 million loss ($0.40 loss per share) at this juncture as it seeks to grow.
However, I think VERT, which also announced a 2-for-1 stock split, may be a little ahead of itself at this point. If you actually delve into the site for depth it appears somewhat limited to mostly content. The potential looks there to deliver the promise but not yet.
Autoweb (NASDAQ:AWEB) coverage was begun by Needham & Co. July 22 with "buy." The Web-based auto buying referral service has 4 buys and 1 strong buy on the stock from various investment banks. Autoweb posted $7 million in 2Q revenue vs. $2.8 2Q98. Loss reached $2.9 million vs. $2.1 million.
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