RealTime IT News

Internet Market Close Report for 1999.02.08

ISDEX is off 4.7% to 313.56 even as investors start buying chip stocks again. The Dow also drops while NASDAQ shows a light gain. Most of the brand name Internet issues are hit the worst continuing the rout that began last week.

  08-Feb-99 point change % change
ISDEX 313.56 -15.46 -4.70%
NASDAQ 2,404.92 31.30 1.32%
DJIA 9,291.11 -13.13 -0.14%

  • PeaPod (NASDAQ:PPOD) soars 48% to $11.125 per share after Piper Jaffray gives it a a "strong buy" tout and $36 long-term price target. We think the online grocery business is a very local one and that it may be hard to realize digital efficiencies in this arena due to the high cost of having someone shop for buyers, and deliver the goods.

  • Ameritrade (NASDAQ:AMTD) and a handful of other Web-based stock brokers stocks continue to lose ground as investors punish the sector that had been a retail investor favorite this year. AMTD is down 16% today to $80.

  • IBM (NYSE:IBM) is back with a music delivery system, this one for enabling music to be downloaded over the Internet. IBM's latest system, dubbed "Madison," allows high-speed cable modem users to download music to their hard drives and then portable music players. The system has the support of the major record labels which are battling to keep copyrights and control over music vs. the popular MP3 format which has gained usage through allowing any work to be copied freely.