RealTime IT News

Internet Market Close Report for 1999.02.10

We think we're near the bottom of the Internet stock selloff that hammered the ISDEX down more than 20% the past week. This is the 20% correction we predicted in fourth quarter 1998 would come in Spring 1999. Our view is it's a good thing, take some of the top off and remove some of the spec cowboys from the game.

Signs the Internet sector is coming back appear in the blips in a few of the stocks in ISDEX, with the IPO market also showing some strength as two deals begin trading today after selling at the top or more of the filing range.

Today's snapshot:

  10-Feb-99 point change % change
ISDEX 282.12 -3.25 -1.14%
NASDAQ 2,309.50 -1.29 -0.06%
DJIA 9,177.31 44.28 0.48%

  • Prodigy (NASDAQ:PRGY) goes public, selling 8 million shares at $15, the high end of its range. The IPO raises $120 million for the ISP, which once was the leader in online services.

  • E*TRADE (NASDAQ:EGRP) ounces back a little on news one of its investments, e-offerings, which EGRP owns 28% of, has 30 IPOs lined up. e-offerings was founded by Walter Cruttenden, who headed up investment bank Cruttenden Roth.

  • Healtheon (NASDAQ:HLTH) sells 5 million shares at $8 each, that's $1 more than its filing range, in an IPO through Morgan Stanley Dean Witter.

  • CNET (NASDAQ:CNET) reports $19.2 million fourth-quarter revenue, up 86% vs. 4Q97. Net income is $4.3 million or $0.23 EPS. Excluding unusual items EPS is $0.18 per share. Full-year revenue is up 68% to $56.4 million while net income for the year reaches $2.6 million. CNET plans a 2-for-1 stock split March 8, for shareholders of record as of Feb. 22.


    Harmon's HotWatch '99 - the hottest analysis about Internet stocks delivered to your email box each month! Last year's 10 to watch from Steve Harmon was up 300%. Will 1999 be a repeat? More info click here