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RealTime IT News

Internet Market Close Report for 1999.02.22

The Internet stock market heats up again, as those who sold off just a few weeks ago begin to pile back in. ISDEX is up 6% with the broad market also moving higher. Big moves by the Web's branded players lead the way, but stirrings among smaller capitalization stocks also provide some fuel. Today's snapshot:

  22-Feb-99 point change % change
ISDEX 304.08 19.61 6.89%
NASDAQ 2,342.41 58.81 2.58%
DJIA 9,552.68 212.73 2.28%

  • Go.com, the Infoseek (NASDAQ:SEEK) and Disney (NYSE:DIS) portal combo debuts as the #4 Web site in the world, according to survey firm Media Metrix's January tally. The site combines the technology of Infoseek's search and guide with the brand and marketing content of Disney. Infoseek reports 200,000 new people each week register at the site. SEEK shares pop on the news, up 11% to $68.375 per share. We wonder how long before Infoseek drops its name and renames the company Go.com? To us there's more value in Go.com as the brand going forward.

  • eFax (NASDAQ:EFAX) gets further investment from leading venture capitalist Tim Draper, whose stake in the fax-to-e-mail company is now 6 %. eFax provides free fax-to-e-mail service as well as HotSend, a utility that allows one-click e-mail attachments. We think the market for fax to e-mail could be big, given the millions of fax machines in use that could be "Web enabled" through services like eFax. Being free means eFax is going for the most user numbers, similar to what Draper Fisher venture firm's HotMail did (eFax's rival JFax charges for its service). Latest quarter ending December 31 EFAX reported $7 million revenue and a loss of $365,000. The company is making a transition from old-fashioned fax services to Web ones. EFAX shares gain 21% today to $7.0625 per share on heavy volume.

  • CNET (NASDAQ:CNET) buys PC auctioneer AuctionGate Interactive for $6.5 million stock. The site has the standard items for sale. For the price it looks like CNET got a bargain.