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RealTime IT News

Commerce Is King: Action of Auction Fuels ONSALE

Investors pushed commerce-friendly shares of ONSALE (NASDAQ:ONSL) up 31% the past week as a new breed of buyer scoured the Internet stock space looking for anything that could capitalize on the plethora of buyers and sellers moving to the Web.

Our number crunching shows ONSL led the ISDEX pack followed closely by yet another high for (the YAH?) of Yahoo!, up 26% this year, 20% of that coming since March 3.

We have a hard time believing in YHOO at anything above 10x sales despite the hoopla. Better hunting was found in Infoseek (NASDAQ:SEEK), the little stock that could.

Long trading at a miserable discount to its peer groups--less than half, despite having solid traffic on its site--SEEK finally partly caught up. We think it'll take more than that to get it to move any more, with rumors published in many media that SEEK was a takeover candidate. Any one of the Internet group is a takeover candidate. No news there.

Our sense tells us the big media companies still don't get it and probably won't bite. Anything less than 10 years old to them is "new media," and in a world where they count run of press and newsprint prices with a closer eye than the Web, good luck to them.

Take New Century Network for example, the group of leading newspaper chains that attempted an Internet service announced yesterday it will close down after four years of effort. This provides a classic example of old media approaching the Internet like an extension of itself.

In the end, too many paperpushers, politics, and unwillingness of the newspaper giants to leverage the Web as its own medium and not an extension of print.

More reasons why new startups and those yet to be born have a chance--those that come from the Net rather than at it still have the upper hand. Our latest tally:

ISDEX March 3 - 10

ISDEX ® Ticker 10-Mar-98 % change Point change % change
Internet Stock Index symbol close from from from
      03-Mar-98 03-Mar-98 31-Dec-97
           
ISDEX Geometric Average   147.16 9.5% 12.80 47.4%
ISDEX Price Wtd. Composite   1,144.92 10.5% 108.77 42.6%
NASDAQ   1,748.51 -0.5% -8.63 11.3%
DJIA   8,643.12 0.7% 58.29 9.3%
           
Onsale ONSL 35.00 31% $8.25 94%
Infoseek SEEK 20.75 25% $4.13 93%
Yahoo! YHOO 87.50 20% $14.56 26%
PSINet PSIX 9.06 19% $1.44 77%
Open Text OTEXF 19.75 19% $3.13 48%
CNET CNWK 39.06 18% $6.06 32%
USWeb USWB 21.22 18% $3.22 126%
Mindspring MSPG 63.88 17% $9.38 90%
Excite XCIT 55.88 17% $8.13 86%
Forefront FFGI 12.13 17% $1.75 55%
Network Solutions NSOL 23.19 17% $3.31 77%
CyberCash CYCH 14.56 17% $2.06 15%
Amazon.Com AMZN 83.11 16% $11.36 38%
Sportsline USA SPLN 29.94 15% $3.94 178%
RealNetworks RNWK 18.13 15% $2.38 31%
Concentric CNCX 16.25 15% $2.13 83%
@Home Network ATHM 37.38 15% $4.88 49%
CKS Group CKSG 20.88 13% $2.44 48%
CMG Info CMGI 60.75 12% $6.63 101%
Lycos LCOS 45.31 12% $4.81 10%
Earthlink Network ELNK 54.50 8% $4.00 112%
VocalTec VOCLF 23.75 7% $1.50 16%
America Online AOL 123.00 5% $5.88 36%
Security Dynamics SDTI 35.13 4% $1.50 -2%
Trusted Information Systems TISX 20.75 3% $0.63 108%
N2K NTKI 25.31 0% -$0.06 73%
Open Market OMKT 18.03 -1% -$0.09 87%
Spyglass SPYG 8.31 -1% -$0.09 68%
Netscape NSCP 19.31 -1% -$0.25 -21%
E*TRADE EGRP 25.63 -2% -$0.56 11%
Security First Net Bank SFNB 10.63 -3% -$0.38 47%
Versant Object Technologies VSNT 7.13 -7% -$0.50 -48%
Mecklermedia MECK 24.75 -7% -$1.88 -1%
CheckPoint Software CHKPF 35.00 -12% -$4.88 -14%
TOTAL   1,144.92 10% 108.77 43%
SIMPLE AVERAGE   33.67 10% 3.20 43%

  • 03.10.98: VocalTec (NASDAQ:VOCLF), the IP communications company, agrees to acquire RADLINX Ltd., which develops real-time online fax, email-to-fax and fax-to-email transmission over IP networks. Deal value: $7.5 million to $9 million based on certain conditions. Another move as IP swallows legacy communications mediums.

  • 03.09.98: Security First Network Bank (NASDAQ:SFNB) reports Royal Bank of Canada (NYSE:RY) U.S. subsidiary agrees to acquire the banking operations of Atlanta-based SFNB for $20 million. In addition, RBC signs a technology license to use SFNB's S1 Internet banking software and has options to acquire equity in SFNB.

    Meanwhile, fourth quarter ending December 31, 1997, SFNB posts $9.2 million net loss from continuing operations of $9.2 million, or $0.93 per share, compared to a net loss from continuing operations of $9.8 million, or $1.19 per share, for 4Q96.

  • 03.05.98: Mecklermedia announces NetSearcher.com, a vertical search engine for Internet industry professionals which debuts today at Spring Internet World in Los Angeles, March 11, the West Coast's largest Internet trade show and conference event.

  • 03.04.98: N2K (NASDAQ:NTKI) files a secondary public offer of 3.8 million shares, 2 million of which are from the company and the remainder from selling stockholders. It's important now for these new firms to cash up and establish their brands so that the future revenue flow can occur. Right now branding is everything, creating a stickiness to a Web-based business. Without the brand nobody knows it's there on the multi-million gigabit ocean of Web sites out there.

  • 03.04.98: CMG (NASDAQ:CMGI) CEO David Wetherell mentions on MSNBC that the Internet investment firm looks to sell a third of its 42% ownership in publicly-held Lycos (NASDAQ:LCOS). Price talk: $80 million. Have to take profits sometime.



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