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ISDEX Heats Up Winter Cold

If only the rest of 2001 could be like January for Internet stocks.

In the first month of the new year, internet.com's Internet Stock Index gained 18% from its Dec. 29 close, easily outpacing the Nasdaq, which itself rose a healthy 12%.

Thirty-three of the ISDEX's 50 member stocks gained in January, with 10 soaring at least 50%.

Topping the list is GoTo, a pay-for-position Web search site that saw its shares more than double in the year's initial month of trading. I can't offer an explanation for GOTO's rise, other than it was trading near all-time lows as January dawned. The company is losing money (94 cents per share in Q3) and picked up a near-term "neutral" rating from Merrill Lynch on Jan. 11, so go figure GOTO's surge.

The near-doubling of share price for S1 Corp., which makes Internet software for financial services providers such as banks and brokerages, is even more mystifying, given the company's Jan. 18 warning about Q4 results. SONE took a temporary hit after the news and subsequent downgradings, but then resumed its rise. Like GOTO and most other Internet stocks, S1 was trading at or near new lows heading into 2001.

While online broker E*TRADE Group turned in steady gains all last month, it got an extra boost after reporting fiscal first-quarter results on Jan. 24 that beat street expectations and drew favorable comments from analysts. EGRP showed a Q1 profit of 2 cents per share, topping estimates of 1 cent per share.

The big loser in the ISDEX for January was Vignette, a maker of e-business software. VIGN lost more than 50%, thanks in large part to the company's sobering revenue outlook for 2001. Vignette officials warned on Jan. 18 that revenue for 2001 would be $500 million, well below earlier street forecasts of $600 million.

Below is a complete list of ISDEX member performance in January. And below that list is an update on an item in Thursday's Morning Report:

                               1/31     12/29 
Ticker  Company                Close    Close  %Change

GOTO    GoTo                   15.00     7.31   105.2
SONE    S1 Corp.               10.06     5.25    91.6
EGRP    E*TRADE Group          14.00     7.38    89.7
NTOP    Net2Phone              13.56     7.38    83.7
AGCX    Asia Global Crossing   11.19     6.56    70.6
ELNK    EarthLink               8.38     5.03    66.6
PRSF    Portal Software        13.00     7.84    65.8
TRLY    Terra Lycos            16.31    10.56    54.5
TMCS    Ticketmaster Online    12.88     8.38    53.7
AOL     AOL-Time Warner        52.56    34.80    51.0
EBAY    eBay                   49.38    33.00    49.6
RHAT    Red Hat                 9.34     6.25    49.4
AMTD    Ameritrade             10.25     7.00    46.4
HOMS    Homestore.com          29.38    20.13    46.0
OPWV    Openwave Systems       69.25    47.94    44.4
SAPE    Sapient                16.88    11.94    41.4
DCLK    DoubleClick            15.38    11.00    39.8
MLTX    Multex.com             18.38    13.25    38.7
RAZF    Razorfish               2.25     1.63    38.0
ROOM    Hotel Reservations     38.56    28.38    35.9
EXDS    Exodus Communications  26.63    20.00    33.2
BRCM    Broadcom              109.94    84.00    30.9
LBRT    Liberate Technologies  17.31    13.63    27.0
ARTG    Art Technology Group   38.00    30.56    24.3
YHOO    Yahoo!                 37.31    30.06    24.1
CMRC    Commerce One           30.56    25.31    20.7
ATHM    At Home                 6.50     5.53    17.5
RNWK    RealNetworks           10.19     8.69    17.3
RSAS    RSA Security           62.00    52.88    17.2
CHKP    Check Point Software  152.50   133.56    14.2
BVSN    BroadVision            13.44    11.81    13.8
WFII    Wireless Facilities    40.88    36.25    12.8
CNET    CNET Networks          17.94    16.00    12.1
SCNT    Scient                  3.63     3.25    11.7
AMZN    Amazon.com             17.31    15.56    11.2
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