The correction that showed up earlier in the week pops up again for a second
wind. Profit taking following yesterday's 13% run and general jitters about the
tech and Internet sectors caused by an analyst downgrade of DELL. While DELL
isn't an Internet stock per se the move rumbles through Internets and shaves 5%
off ISDEX to 301.01. Today's snapshot:
Sportsline (NASDAQ:SPLN) will receive $100 million worth of ad time on CBS
as part of a five-year deal that results in CBS getting an increased stake in
SPLN. CBS owned 12% of SPLN and now will own about 18%, CBS could eventually own
27% depending on SPLN stock price.
Proxicom files for an IPO in an effort to raise $75 million, another in a
long line of Internet IPOs. More in Internet Stock Report next week.
Individual Investor (NASDAQ:INDI) set a 52-week record of $11.875 per share
after announcing a deal to be featured on Yahoo Finance. INDI shares close up
33% to $8.25 per share.
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