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Bubble Machine? Internet Stocks Up in a Week What Market Did Nearly All Year

On a price weighted basis, ISDEX jumped almost as much in the past week as the Dow has all year, led by strong gains in the navigation stocks such as Excite (NASDAQ:XCIT), Lycos (NASDAQ:LCOS), Infoseek (NASDAQ:SEEK), and DoubleClick (NASDAQ:DCLK).

Stronger than expected earnings in Yahoo! (NASDAQ:YHOO) helped reignite the navigation cluster while DCLK moved on its pioneer space status. Ditto CDnow (NASDAQ:CDNW).

A basket of top-tier Internet security stocks occupies the bottom rung on ISDEX this week, we suspect out of a lack of anything on the top deal sphere to get excited about.

CheckPoint finally got acquisitive with Internet-address management developer MetaInfo Inc. for about $27.5 million or 683,200 shares. But while CheckPoint breaks the deal space we think this is more along the lines of one small step for CheckPoint, one small step for Web kind.

The earth-shattering deals have yet to be done in the security space. An IBM could probably use a CheckPoint as part of its offering. Microsoft could also, but with the anti-trust eyeballs staring hard, acquiring the market leader in firewalls may turn too many heads.

The question now is are Internet stocks trading at exorbitant levels? We think the big runners--those up triple digit year-to-date--could give up 15% easily in the next three months. It's hard to bet against the tape, however.

Check the ups and downs:

ISDEX April 7 - 14

ISDEX ®   14-Apr-98 % change Point change % change
Internet Stock Index   close from from from
      07-Apr-98 07-Apr-98 31-Dec-97
           
ISDEX Geometric Average   167.49 9.1% 13.90 67.7%
ISDEX Price Wtd. Composite   1,725.38 11.3% 175.63 65.6%
NASDAQ   1,843.03 2.5% 44.32 17.4%
DJIA   9,110.20 1.7% 153.70 15.2%
           
Security First Net Bank SFNB $ 11.44 52% $3.91 58%
Excite XCIT $ 76.00 45% $23.69 153%
Network Solutions NSOL $ 52.88 33% $13.25 303%
Doubleclick DCLK $ 45.50 33% $11.31 168%
CMG Info CMGI $ 89.19 31% $21.19 195%
Cyberguard CYBG $ 16.94 30% $3.94 201%
Infoseek SEEK $ 25.63 29% $5.75 138%
CDnow CDNW $ 35.50 28% $7.75 122%
Lycos LCOS $ 68.63 28% $14.94 66%
Open Market OMKT $ 24.63 26% $5.13 156%
Yahoo! YHOO $ 114.88 23% $21.63 66%
Sportsline USA SPLN $ 37.13 21% $6.50 245%
N2K NTKI $ 34.63 19% $5.63 137%
CyberCash CYCH $ 19.88 19% $3.13 57%
USWeb USWB $ 30.19 15% $3.94 222%
NewsEdge NEWZ $ 15.38 15% $2.00 15%
Amazon.Com AMZN $ 97.19 14% $11.94 61%
Mindspring MSPG $ 71.63 14% $8.63 113%
Verisign VRSN $ 43.88 13% $4.94 213%
Netscape NSCP $ 17.88 11% $1.81 -27%
Metricom MCOM $ 10.63 10% $1.00 10%
PSINet PSIX $ 12.75 10% $1.19 149%
Mecklermedia MECK $ 25.63 8% $1.88 3%
Egghead.com EGGS $ 9.38 7% $0.63 44%
Broadband Technologies BBTK $ 7.44 6% $0.44 80%
CKS Group CKSG $ 22.19 6% $1.19 57%
Broadvision BVSN $ 18.69 6% $1.00 188%
America Online AOL $ 74.31 5% $3.81 64%
VocalTec VOCLF $ 20.00 5% $0.88 -2%
Axent AXNT $ 28.88 3% $0.88 67%
CheckFree CKFR $ 27.88 3% $0.75 3%
Onsale ONSL $ 31.88 2% $0.75 77%
Spyglass SPYG $ 8.75 2% $0.19 77%
CheckPoint Software CHKPF $ 40.81 2% $0.75 0%
Intuit INTU $ 48.25 2% $0.88 17%
Open Text OTEXF $ 19.00 0% $0.00 42%
Versant Object Technologies VSNT $ 6.44 -1% -$0.06 -53%
IDT Corp IDTC $ 31.75 -1% -$0.31 57%
Earthlink Network ELNK $ 66.25 -1% -$0.75 157%
WavePhore WAVO $ 12.81 -1% -$0.19 37%
PairGain PAIR $ 20.94 -3% -$0.69 8%
@Home Network ATHM $ 30.94 -4% -$1.13 23%
Concentric CNCX $ 25.25 -5% -$1.38 185%
CNET CNWK $ 27.88 -6% -$1.63 -6%
Cylink CYLK $ 13.94 -6% -$0.81 43%
Network Associates NETA $ 62.19 -6% -$3.69 18%
RealNetworks RNWK $ 32.75 -6% -$2.09 136%
Secure Computing SCUR $ 11.38 -9% -$1.13 -4%
Security Dynamics SDTI $ 25.06 -10% -$2.69 -30%
E*TRADE EGRP $ 22.44 -17% -$4.50 -2%
TOTAL   1,725.38 11% 176.13 66%
SIMPLE AVERAGE   34.51 11% 3.52 66%



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