Another Meltdown in the Making

For most of the summer, investors watched anxiously as Internet
stocks struggled to recover from the twin body blows dealt in March
and April, when the large bubble clouding market clarity regarding
overvalued ‘Net companies finally burst, in spectacular and painful
fashion. Many, including myself, expected this summer’s shakeout
to be followed by a rally beginning in the fall. The theory was
that investors would start betting on obvious winners, while the
losers would fade away. Now it looks as though the market isn’t
quite done shaking, and the long-awaited fall rally may be more
fervent hope than foregone conclusion. For the fourth consecutive
week, all 13 Internet sectors finish down, a losing streak that
equals any from the dark days of March and April. Does this mean
there won’t be a fall rally, an autumn ascent? No, but if things
don’t turn around soon, any run-up at the end of the year may merely
get us back to where we are now, peering up at the heights from
which ‘Net stocks fell this year and wondering if we’ll ever get
anywhere close to that point again. The good news (as if there
really is any) is that this week’s losses aren’t nearly as bad
as last week’s, indicating the freefall may be ending. If so, that
may be because the market already has reacted to Q3 earnings, many
of which have been preceded by warnings that have driven down
shares across all ‘Net sectors.

* Market Cap figures are in millions.

  
PERFORMANCE BY SECTOR
                          Ave. 7-Day
                           % Change

Advertising/Marketing        -0.3% 
Security                     -0.9%
Consultants/Designers        -1.8%
Content/Communities          -4.5%
ISPs/Access Providers        -4.7%  
Financial Services           -4.9%
Speed/Bandwidth              -7.0%
Performance Software         -7.1% 
Wireless                     -8.2%
Internet Services            -8.4%
E-commerce Enablers          -8.6%
Search/Portals               -8.8%
E-tailers                   -10.8%

 
TOP 10 GAINERS              7-Day % Gain         Category

NCNT    Netcentives             79.7%        Advertising/Marketing
EELN    E-LOAN                  41.8%        Financial Services
SWBD    Switchboard             35.2%        Content/Communities
VMDC    VantageMed              33.3%        Performance Software
AWEB    Autoweb.com             31.4%        E-Commerce Enablers
MMPT    Modem Media             27.3%        Consultants/Designers
HSTM    HealthStream            27.3%        Content/Communities
LOAX    Log On America          27.3%        ISPs/Access Providers
HOTJ    HotJobs.com             24.3%        Internet Services
STAD    Student Advantage       22.8%        Content/Communities

TOP 10 LOSERS               7-Day % Loss          Category
 
NETP    Net Perceptions        -63.1%        E-Commerce Enablers
PKSI    Primus Knowledge       -60.4%        Performance Software
GDEN    Garden.com             -54.5%        E-tailers
PRVW    Preview Systems        -52.8%        E-Commerce Enablers
LPSN    LivePerson             -52.0%        Internet Services
ACRU    Accrue Software        -50.7%        Internet Services
CLIC    Calico Commerce        -43.0%        E-Commerce Enablers
RAMP    Ramp Networks          -42.9%        Speed/Bandwidth
CAVN    Cavion                 -42.4%        Internet Services
AHWY    audiohighway.com       -41.7%        E-tailers  

********************************************************************

                             WIRELESS PRODUCTS/SERVICES

                        10/4   7-Day   7-Day  1-Month   YTD    Market
      Company          $Close $Change %Change %Change           Cap
                  
IWAV  interWAVE          9.25   0.75    8.8%  -26.7%    N/A     448.2
PRTH  Parthus Tech.     41.50   2.44    6.2%  -19.8%    N/A   2,139.9
WFII  Wireless Facil.   59.44  -1.63   -2.7%  -19.1%   39.6%  

2,509.8
INSP  InfoSpace         27.50  -1.06   -3.7%  -31.4%  -47.3%  6,428.8
PUMA  Puma Technology   18.69  -0.94   -4.8%  -24.1%  -70.7%    790.6
SVNX  724 Solutions     45.25  -2.75   -5.7%    0.3%    N/A   1,699.4
PHCM  Phone.com        112.06  -8.31   -6.9%   18.7%   -1.0%  9,280.6
PALM  Palm              45.44  -3.44   -7.0%    9.7%    N/A  25,687.9
IIIM  i3 Mobile          6.00  -0.50   -7.7%  -28.4%    N/A     136.8
VYYO  Vyyo              28.13  -2.38   -7.8%  -10.0%    N/A   1,055.8
HAND  Handspring        60.00  -7.31  -10.9%   99.2%    N/A   7,526.2
MCOM  Metricom          22.44  -3.06  -12.0%  -41.7%  -70.8%    689.2
AETH  Aether Systems    90.00 -15.00  -14.3%  -34.5%   28.7%  3,517.1
OMNY  OmniSky           15.50  -3.00  -16.2%    N/A     N/A   1,009.9
AVGO  Avantgo           16.56  -3.44  -17.2%    N/A     N/A     552.3
GOAM  GoAmerica          6.75  -1.50  -18.2%  -39.0%    N/A     346.8
GWRX  Geoworks           6.19  -1.47  -19.2%  -49.5%  -62.2%    134.0
---------------------------------------------------------------------
      Wireless Ave.                    -8.2%         

A bad week for the top-performing Internet sector during the entire
third quarter, with only two gainers. Wireless network products
maker interWAVE Communications International lands a three-year,
$15 million contract with U.S. PCS operator Blue Sky Communications.
Two companies that went public in late September, OmniSky and Avantgo,
have come crashing back to earth after a pair of quick starts.
Despite losing nearly 11% this week, wireless device seller Handspring
has virtually doubled in price over the past month, making it the
top ‘Net stock during that period.

                                   SEARCH/PORTALS

                       10/4   7-Day   7-Day  1-Month   YTD    Market
      Company         $Close $Change %Change %Change           Cap
                     
AOL   America Online   58.65   5.15    9.6%    4.7%  -20.3% 136,309.2
ASKJ  Ask Jeeves       17.50   0.44    2.6%  -38.3%  -84.1%     624.3
AOLA  AOL/Latin Amer.   7.94   0.13    1.6%   -5.2%    N/A    2,083.7
DIG   Disney-Internet   9.94   0.13    1.3%  -35.6%  -57.1%   1,548.1
YHOO  Yahoo!           87.94  -2.44   -2.7%  -21.5%  -58.4%  48,307.3
STRM  StarMedia         6.44  -0.38   -5.5%  -43.7%  -83.5%     423.7
LCOS  Lycos            63.63  -3.80   -5.6%  -11.4%  -18.1%   7,024.5
NTES  Netease           5.00  -0.50   -9.1%  -21.6%    N/A       71.5
SOHU  Sohu.com          5.44  -0.59   -9.8%  -21.6%    N/A      169.8
GOTO  GoTo.com         13.19  -1.81  -12.1%  -40.4%  -77.0%     688.3
CHINA Chinadotcom      11.75  -1.75  -13.0%  -34.5%  -69.4%   1,026.6
BOUT  About.com        31.31  -6.19  -16.5%  -22.1%  -64.3%     565.3
LOOK  LookSmart         8.94  -3.25  -26.7%  -46.6%  -66.1%     801.1
SINA  SINA.com          9.94  -6.06  -37.9%  -56.1%    N/A      406.8
---------------------------------------------------------------------
      Search/Portals Ave.             -8.8%         

America Online finally caught a break in its bid to merge with
Time Warner on Thursday when the entertainment giant called off
another proposed merger, this one between its Warner Music Group
and EMI. The potential of those two music publishers dominating
the market for online music distribution has been causing European
regulators great stress. Now it’s likely that they will give the
green light to AOL-Time Warner, eliminating a major obstacle. AOL
shares reacted by rising nearly 5% on Thursday to close at $61.50,
the first time shares have finished above $60 since July 20.
Several China stocks take the plunge after the Chinese government
issued tough new regulations for Internet companies, including
limits on foreign investment and chilling hints of reprisals against
companies allowing “subversive” content.

                       

        CONTENT/COMMUNITIES 

                       10/4   7-Day   7-Day  1-Month   YTD    Market
       Company        $Close $Change %Change %Change           Cap 
 
SWBD  Switchboard       7.56   1.97   35.2%  -11.7%    N/A     186.5
HSTM  HealthStream      2.63   0.56   27.3%   -4.5%    N/A      52.5
STAD  Student Advantage 7.75   1.44   22.8%   -8.8%  -64.2%    279.9
IVIL  iVillage          3.50   0.44   14.3%  -49.6%  -82.3%    104.0
EWBX  EarthWeb         10.25   1.25   13.9%  -15.9%  -79.1%    106.7
NBCI  NBC Internet      6.94   0.75   12.1%  -35.5%  -90.8%    433.8
DTHK  DigitalThink     43.63   3.38    8.4%   13.5%    N/A   1,489.4
EDGR  EDGAR Online      4.69   0.25    5.6%  -10.7%  -34.9%     58.4
TURF  iTurf             1.19   0.06    5.6%  -30.2%  -90.2%     25.1
MLTX  Multex.com       17.75   0.75    4.4%  -25.1%  -51.7%    539.4
SALN  Salon.com         1.56   0.06    4.2%  -21.9%  -68.0%     21.7
ONES  OneSource        11.38   0.38    3.4%    4.6%  -13.3%    132.9
HGAT  HealthGate Data   1.06   0.03    3.0%  -32.0%    N/A      19.0
VERT  VerticalNet      32.44  -0.19   -0.6%  -38.5%  -59.5%  2,792.8
HOMS  Homestore.com    42.50  -0.75   -1.7%  -16.3%  -41.4%  3,483.9
CNET  CNET Networks    25.56  -0.56   -2.2%  -14.5%  -53.9%  2,223.6
MPPP  MP3.com           4.00  -0.09   -2.3%  -49.2%  -87.1%    272.7
ZDZ   ZDNet            15.00  -0.38   -2.4%  -14.3%  -26.8%  1,129.3
GNET  Go2Net           49.63  -1.75   -3.4%  -31.3%  -41.6%  1,557.2
HOOV  Hoover's          6.50  -0.25   -3.7%   -2.8%  -23.9%     84.6
LAUN  Launch Media      6.50  -0.25   -3.7%   -8.8%  -64.8%     88.2
NETR  NetRadio          1.38  -0.06   -4.3%  -21.4%  -82.9%     13.8
INTM  internet.com     27.06  -2.25   -7.7%   -5.7%  -46.9%    679.1
SCRM  ScreamingMedia    9.00  -0.75   -7.7%  -19.6%    N/A     336.8
SPLN  SportsLine.com   13.13  -1.31   -9.1%  -27.3%  -73.2%    346.7
PASA  quepasa.com       0.88  -0.09   -9.7%  -24.3%  -92.9%     16.4
ARTD  Artistdirect      1.13  -0.13  -10.0%  -50.7%    N/A      41.5
VDAT  Visual Data       3.09  -0.34  -10.0%  -34.9%  -72.4%     26.0
TSCM  TheStreet.com     4.00  -0.56  -12.3%  -52.9%  -78.6%    107.2
QKKA  Quokka Sports     3.44  -0.50  -12.7%  -47.6%  -73.2%    159.3
TPN   TownPagesNet      1.25  -0.19  -13.2%  -37.5%  -75.0%     12.0
KOOP  drkoop.com        1.13  -0.17  -13.3%  -50.4%  -90.3%     39.3
MKTW  MarketWatch.com   6.88  -1.13  -14.1%  -42.1%  -80.7%    112.9
INFO  Infonautics       2.19  -0.38  -14.6%  -32.7%  -68.0%     26.7
IASIA Asiacontent.com   2.39  -0.42  -15.0%  -42.0%    N/A      82.1
KNOT  Knot              3.06  -0.56  -15.5%   -2.0%  -62.8%     44.8
TGLO  theglobe.com      0.84  -0.16  -15.6%  -41.3%  -89.7%     26.2
IMPV  ImproveNet        1.63  -0.34  -17.5%  -21.2%    N/A      27.2
WOMN  Women.com         2.25  -0.50  -18.2%  -30.8%  -83.8%    105.3
HCEN  HealthCentral.co  1.91  -0.47  -19.7%  -51.6%  -73.3%     86.1
TCTY  Talk City         1.00  -0.38  -27.3%  -38.5%  -96.1%     25.0
LOIS  Loislaw.com       3.81  -1.81  -32.2%  -51.6%  -90.0%     80.2
SNOW  Snowball.com      1.25  -0.69  -35.5%  -52.4%    N/A      46.9
--------------------------------------------------------------------
      Content/Comm. Ave.              -4.5%         

Internet directory and local merchant network provider Switchboard
bounces of last Wednesday’s all-time low closing price of $5.59 to
top this group. “Gen i” content network Snowball.com warns that
Q3 revenue will be lower than expected, but that net loss will
be lower than last quarter’s. Shares of SNOW are trading at all-time
low prices. Loislaw.com loses its president, CFO and a member of
the board all in one fell swoop. That’s because they all were the
same guy, Mark Beyland.

                                  E-TAILERS 

                         10/4   7-Day   7-Day  1-Month   YTD     Market
      Company           $Close $Ch

ange %Change %Change            Cap 

BFLY  Bluefly            2.88    0.38   15.0%   -22.0%  -71.4%     14.2
ALOY  Alloy Online       8.50    0.94   12.4%    -1.4%  -44.7%    177.7
CTIX  Cheap Tickets     10.63    1.13   11.8%     5.6%  -20.5%    257.5
AMEN  Crosswalk.com      1.56    0.13    8.7%   -21.9%  -68.8%     12.2
TIXX  Tickets.com        1.22    0.03    2.6%   -29.1%  -91.3%     72.1
EBAY  eBay              64.63    1.13    1.8%    -1.5%    5.8% 17,346.3
FASH  Fashionmall.com    2.22    0.03    1.4%    -9.0%  -48.8%     16.6
LMIN  Lastminute.com    10.00    0.00    0.0%   -23.8%    N/A     300.7
VSHP  VitaminShoppe.com  1.00    0.00    0.0%   -33.3%  -88.8%     20.4
ETYS  eToys              4.91   -0.03   -0.6%   -23.0%  -80.9%    598.6
FATB  Fatbrain.com       3.84   -0.03   -0.8%     6.0%  -84.3%     50.1
SKDS  SmarterKids.com    1.72   -0.03   -1.8%     5.8%  -75.7%     35.4
TMCS  Ticketmaster      15.44   -0.31   -2.0%   -33.4%  -58.9%  1,364.5
BYND  Beyond.com         0.97   -0.03   -3.1%   -41.5%  -87.3%     36.9
BUYX  BUY.COM            2.91   -0.09   -3.1%   -27.4%    N/A     381.3
COOL  Cyberian Outpost   3.88   -0.13   -3.1%   -18.4%  -60.1%    110.3
SFTY  eSAFETYWORLD       1.25   -0.06   -4.8%   -28.6%    N/A       3.8
AMZN  Amazon.com        36.00   -1.88   -5.0%   -21.5%  -51.6% 12,811.1
ROOM  Hotel Network     35.00   -1.88   -5.1%    -7.6%    N/A   1,932.3
EFTD  FTD.COM            2.00   -0.13   -5.9%   -22.0%  -61.0%     97.3
ESTM  E-Stamp            0.97   -0.06   -6.1%   -41.5%  -95.5%     38.6
PPOD  Peapod             1.19   -0.09   -7.3%   -40.6%  -85.9%     21.3
EBKR  Ebookers.com       5.13   -0.63  -10.9%   -25.5%  -69.7%     87.2
ADBL  Audible            1.09   -0.16  -12.5%   -51.4%  -92.5%     30.1
PLRX  PlanetRx.com       0.44   -0.06  -12.5%   -36.3%  -96.9%     22.6
EGGS  Egghead.com        2.16   -0.31  -12.7%   -31.0%  -86.4%     91.3
PCLN  priceline.com      9.38   -1.38  -12.8%   -65.9%  -79.7%  1,562.2
IPET  Pets.com           0.66   -0.12  -16.0%   -32.3%    N/A      19.2
HITS  Musicmaker.com     0.47   -0.09  -16.7%   -65.9%  -91.8%     15.5
INSW  InsWeb             1.94   -0.44  -18.4%   -22.5%  -92.2%     68.2
BNBN  barnesandnoble.com 4.38   -1.00  -18.6%    -2.8%  -68.4%    639.4
EMUS  EMusic.com         1.31   -0.31  -19.2%   -46.1%  -86.9%     56.6
ASFD  Ashford.com        2.75   -0.69  -20.0%   -21.4%  -74.4%    124.4
WBVN  Webvan             2.00   -0.63  -23.8%   -50.8%  -87.6%    665.9
BGST  BigStar            0.47   -0.16  -25.0%   -47.4%  -93.8%      4.8
VSTY  Varsity Group      0.66   -0.25  -27.6%   -36.4%    N/A      10.3
DSCM  Drugstore.com      2.91   -1.34  -31.6%   -46.6%  -91.8%    154.3
EXPE  Expedia            9.63   -5.13  -34.7%   -39.8%  -71.8%    464.1
SQST  SciQuest.com       4.50   -2.63  -36.8%   -58.9%  -94.2%    130.5
AHWY  audiohighway.com   0.44   -0.31  -41.7%   -63.1%  -94.8%      2.8
GDEN  Garden.com         0.63   -0.75  -54.5%   -61.5%  -92.6%     11.0
-----------------------------------------------------------------------
      E-tailers Ave.                   -10.8%         

Bluefly may lead the sector this week, but the excitement generated
in late August by news that it had expanded its relationship with
AOL has dissipated. Since peaking at $4.69 on Sept. 12, BFLY shares
are down 38.6%. Garden.com announces layoffs and informs the SEC that
it will be late in filing its fiscal year-end. Maybe GDEN’s share price
of 63 cents and market cap of $11 million are coloring my judgment,
but I would venture to say that these things do not bode well for
current investors. Speaking of small market caps, check out
audiohighway.com ($2.8 million), eSAFETYWORLD ($3.8 million) and
the ironically named BigStar Entertainment ($4.8 million). BGST has
hired a “financial advisor” to “evaluate strategic opportunities.”

                      

      FINANCIAL SERVICES 

                          10/4   7-Day   7-Day  1-Month   YTD    Market
      Company            $Close $Change %Change %Change           Cap

EELN  E-Loan               4.88   1.44   41.8%   39.3%  -69.3%    257.9
ECMV  E Com Ventures       1.06   0.06    6.3%  -22.7%  -67.7%     10.6
DIR   DLJdirect            6.56   0.25    4.0%  -16.7%  -50.4%    673.6
NXCD  NextCard             8.97   0.03    0.4%   -8.0%  -68.2%    475.9
NTBK  [email protected]            11.38   0.00    0.0%  -12.1%  -37.0%    337.5
ICGE  Internet Capital    15.69  -0.09   -0.6%  -58.3%  -90.5%  4,394.9
EGRP  E*TRADE             15.25  -0.75   -4.7%  -17.0%  -40.2%  4,573.6
DVIN  divineInterventures  3.81  -0.19   -4.7%  -52.0%    N/A     524.0
CMGI  CMGI                24.31  -2.31   -8.7%  -47.9%  -82.0%  7,177.9
LINE  onlinetrading.com    3.81  -0.38   -9.0%  -33.0%  -64.1%     43.8
AMTD  Ameritrade          15.31  -1.63   -9.6%  -26.4%  -27.7%  2,682.6
WEBS  Web Street           1.94  -0.25  -11.4%  -29.5%  -84.0%     50.0
MDCM  Mortgage.com         0.75  -0.19  -20.0%  -14.3%  -86.8%     33.2
WITC  Wit Soundview        7.19  -2.69  -27.2%  -22.6%  -56.7%    650.6
TREE  LendingTree          3.50  -1.50  -30.0%  -29.1%    N/A      63.1
-----------------------------------------------------------------------
      Financial Services Ave.            -4.9%         

Good news for online brokers: A Jupiter Research study shows that,
despite a current downturn in online trading activity, assets in
online investing accounts are expected to grow from $1.5 trillion this
year to $5.4 trillion by 2005. None of which explains online lender
E-Loan’s sector-leading week, second only to Netcentives across all
sectors. E-Loan gets a bump from its announcement that it has expanded
the number of auto lenders that can provide loans to to its customers.
Meanwhile, competitor LendingTree comes out a press release with this
headline: “Consumers Overwhelmingly Think ‘LendingTree’ When They
Search for Loans Online”. Apparently investors don’t.

                               E-COMMERCE ENABLERS
              
                         10/4   7-Day   7-Day  1-Month   YTD    Market
      Company           $Close $Change %Change %Change           Cap 

AWEB  Autoweb.com        1.44    0.34   31.4%  -20.7%  -86.5%     42.4
ABTL  Autobytel.com      5.06    0.78   18.2%    6.6%  -65.8%    102.9
PRSW  Persistence       11.56    1.59   16.0%  -34.6%  -47.4%    226.1
DGIN  Digital Insight   35.00    3.75   12.0%   37.3%   -1.4%  1,011.3
CYBS  CyberSource       10.75    1.13   11.7%  -19.3%  -78.7%    279.5
RETK  Retek             47.13    4.81   11.4%   46.7%  -35.8%  2,231.7
EPAY  Bottomline        40.75    3.75   10.1%   24.0%   16.0%    524.0
CYSV  Cysive             7.13    0.44    6.5%   -6.6%  -79.7%    199.4
DRIV  Digital River      5.94    0.31    5.6%  -11.2%  -81.7%    130.0
PRTS  PartsBase.com      3.59    0.16    4.5%   -4.2%    N/A      50.6
ELCO  Elcom Int.         4.75    0.19    4.1%  -25.5%  -85.7%    145.9
QSFT  Quest Software    63.94    2.44    4.0%    8.4%   28.4%  5,480.4
PCOR  pcOrder.com        4.25    0.16    3.8%  -29.2%  -91.5%     71.8
PPRO  PurchasePro.com   84.81    2.38    2.9%   33.3%  -36.8%  2,730.9
GSPT  Global Sports      8.09    0.22    2.8%    1.2%  -34.0%    175.7
BTBC  b2bstores.com      1.91    0.03    1.7%    3.4%    N/A      16.4
LQID  Liquid Audio       4.31    0.06    1.5%  -49.3%  -83.2%     96.5
BBSW  Broadbase         13.13    0.13    1.0%  -39.3%  -76.1%    623.6
QUOT  Quotesmith.com     2.00    0.00    0.0%   -5.9%  -82.0%     38.5
ROWE  Rowecom            3.97   -0.03   -0.8%  -34.5%  -91.0%     49.2
CORI  Corillian          9.75   -0.13   -1.3%   14.7%    N/A     311.3
SNHK  Sunhawk.com       14.50   -0.25   -1.7%   -9.4%    N/A      43.6
WEBM  webMethods       105.00   -3.00   -2.8%   -1.0%  

  N/A   4,887.1
SLTC  Selectica         38.88   -1.25   -3.1%    1.1%    N/A   1,397.0
BRNC  Braun Consulting  14.63   -0.50   -3.3%    3.5%  -79.0%    294.2
NVDC  Navidec            6.44   -0.28   -4.2%  -18.2%  -45.0%     70.9
CYCH  CyberCash          3.00   -0.16   -5.0%  -45.5%  -66.8%     77.6
FAIM  FairMarket         2.88   -0.19   -6.1%  -28.1%    N/A      81.4
AGIL  Agile Software    76.50   -5.31   -6.5%    4.8%  -27.8%  3,560.9
PFSW  PFSweb             1.94   -0.16   -7.5%  -33.3%  -94.7%     34.6
ZNGN  Zengine           13.63   -1.13   -7.6%    N/A     N/A     224.4
IMNY  I-Many            18.94   -2.31  -10.9%   39.0%    N/A     605.5
ITWO  i2 Technologies  159.38  -21.38  -11.8%   -0.4%   67.5% 31,575.5
ITRA  Intraware          7.31   -1.06  -12.7%  -39.7%  -90.6%    191.8
CMRC  Commerce One      66.25   -9.69  -12.8%    5.7%  -30.9% 10,732.6
ONVI  Onvia.com          4.13   -0.63  -13.2%  -40.0%    N/A     333.0
ARBA  Ariba            129.78  -22.28  -14.7%  -17.0%   49.9% 31,227.3
ORCC  Online Resources   3.19   -0.56  -15.0%  -45.7%  -80.4%     37.0
INTW  InterWorld         3.56   -0.75  -17.4%  -82.4%  -95.7%    104.0
IMPV  ImproveNet         1.63   -0.34  -17.5%  -21.2 %   N/A      27.2
EPNY  E.piphany         64.25  -14.25  -18.2%  -38.7%  -70.5%  2,901.9
XCAR  XCare.net          4.25   -1.00  -19.0%   11.5%    N/A      69.0
FIRE  FirePond          12.06   -2.88  -19.2%  -38.5%    N/A     428.9
STCS  Software Tech.    18.50   -4.50  -19.6%   -8.6%    N/A   1,278.7
HCOM  HomeCom            0.38   -0.09  -20.0%  -47.8%  -88.0%      3.3
OMKT  Open Market        4.25   -1.16  -21.4%  -48.1%  -90.4%    198.0
BVSN  BroadVision       21.38   -6.19  -22.4%  -39.7%  -61.3%  5,710.4
ARTG  Art Technology    67.70  -20.30  -23.1%  -30.2%    8.3%  4,538.5
USIT  U.S. Interactive   2.00   -0.69  -25.6%  -68.6%  -95.2%     51.9
TANN  Tanning Tech.     11.00   -3.81  -25.7%  -17.8%  -80.9%    231.6
OPUS  Opus360            2.06   -0.75  -26.7%  -44.1%    N/A     103.5
NEOF  Neoforma.com       2.88   -1.06  -27.0%  -35.2%    N/A     364.8
CKCM  Click Commerce    29.00  -12.50  -30.1%  -14.4%    N/A   1,108.7
CLIC  Calico Commerce    3.56   -2.69  -43.0%  -61.7%  -93.1%    125.0
PRVW  Preview Systems    4.25   -4.75  -52.8%  -44.3%  -93.3%     72.8
NETP  Net Perceptions    4.75   -8.13  -63.1%  -68.3%  -88.4%    126.9
----------------------------------------------------------------------
      E-commerce Enablers Ave.          -8.6%         
     

Automobile research and shopping sites Autoweb.com and Autobytel.com
rebound off all-time lows to land the top two sector slots this week.
However, 31% gain or no 31% gain, AWEB is headed below $1. Marketing
and personalization software maker Net Perceptions suffers the wrath
of investors after issuing a warning that Q3 sales will be lower
than expected and Q3 net loss higher. Internet music distribution
infrastructure provider Preview Systems also gets taken to task for
a Q3 warning. Not so Calico Commerce: CLIC shares plunge after a
Q2 warning.

                                 SECURITY

                         10/4   7-Day   7-Day  1-Month   YTD   Market
      Company           $Close $Change %Change %Change          Cap  
  
ENTU  Entrust            29.13   4.50   18.3%    0.6%  -50.2%  1,819.1
CYLK  Cylink             10.00   1.16   13.1%  -18.5%  -24.1%    308.4
VLCT  ValiCert           20.25   1.94   10.6%   36.1%    N/A     448.5
ISSX  Internet Security  70.63   4.94    7.5%  -10.7%    1.7%  2,962.6
CHKP  Check Point       154.25  10.44    7.3%    5.6%  218.0% 23,678.0
LTNX  Litronic            4.38   0.00    0.0%  -14.6%  -44.0%     43.2
AXNT  AXENT              21.06  -0.31   -1.5%   -9.9%    2.8%    609.4
PILT  Pilot Network       9.63  -0.25   -2.5%  -31.6%  -58.9%    145.2
NETE  Netegrity          64.94  -1.81   -2.7%   12.9%   75.3%  1,913.6
NSSI  Net

work-1           5.00  -0.33   -6.2%  -25.2%  -52.6%     31.3
RSAS  RSA Security       39.50  -2.69   -6.4%  -26.9%  -47.8%  1,577.4
WGRD  WatchGuard         50.00  -4.19   -7.7%   -3.3%   69.3%  1,204.5
ITRU  InterTrust         11.00  -0.94   -7.9%  -39.5%  -80.8%    948.0
VONE  V-ONE               1.63  -0.88  -35.0%  -48.5%  -71.7%     35.9
----------------------------------------------------------------------
      Security Ave.                     -0.9%         

E-transaction security software provider Entrust Technologies is still
getting altitude from a strategic alliance announced late last month
with Motorola. The companies are collaborating on developing a system
that will allow wireless device users to conduct secure transactions.
Like nearly every other Internet stock, firewall market leader
Check Point Software Technologies took a big hit in March. Since then,
however, CHKP has been on a relentless drive north, avoiding any
other prolonged slump. VPN provider V-ONE gets the usual Q3 earnings
warning treatment.

                             PERFORMANCE SOFTWARE

                        10/4  7-Day   7-Day   1-Month   YTD   Market
       Company         $Close $Change %Change %Change          Cap  

VMDC  VantageMed         1.50   0.38   33.3%  -11.1%    N/A      12.9
BLUE  Blue Martini      34.88   4.75   15.8%  -42.7%    N/A   2,404.9
EMBT  Embarcadero       47.75   5.00   11.7%    3.9%    N/A   1,257.9
AVSR  Avistar            6.50   0.63   10.6%  -43.8%    N/A     163.9
IPIX  Internet Pict.     5.63   0.50    9.8%  -29.7%  -65.2%    339.4
DGV   Digital Lava       5.13   0.38    8.0%  -21.9%  -25.0%     36.9
BLSW  Bluestone         17.69   1.13    6.8%  -21.4%  -84.2%    367.5
EVLV  Evolve Software   22.88   1.13    5.2%  -16.1%    N/A     836.2
NTOP  Net2Phone         23.69   0.94    4.1%  -23.4%  -47.2%  1,313.4
OTGS  OTG Software      41.00   1.50    3.8%   62.8%    N/A   1,056.4
SGNT  Sagent Technology  7.63   0.19    2.5%  -23.5%  -73.9%    217.9
VOCL  VocalTec           9.91   0.16    1.6%  -38.1%  -39.4%    120.0
RNWK  RealNetworks      36.81   0.56    1.6%  -28.5%  -37.3%  5,753.8
GTHR  GetThere          17.69   0.00    0.0%    2.0%  -55.0%    621.1
MONE  MatrixOne         34.00   0.00    0.0%   -7.0%    N/A   1,448.4
SQSW  Sequoia Software   6.06   0.00    0.0%  -39.8%    N/A     186.2
IWOV  Interwoven       108.88  -0.50   -0.5%   22.0%   83.4%  5,376.0
SABA  Saba Software     25.95  -0.17   -0.7%   -7.3%    N/A   1,135.6
WBSN  Websense          21.63  -0.25   -1.1%   24.5%    N/A     422.2
SVCW  ServiceWare        7.13  -0.13   -1.7%  -11.6%    N/A     167.7
PRSF  Portal Software   35.19  -0.63   -1.7%  -37.1%  -29.9%  5,725.1
BWEB  BackWeb           10.06  -0.19   -1.8%  -46.3%  -75.5%    377.9
DTEC  Delano Tech.      14.63  -0.38   -2.5%   30.7%    N/A     440.8
NTGX  net.Genesis        8.56  -0.25   -2.8%    2.2%    N/A     181.1
RWAV  Rogue Wave         5.00  -0.25   -4.8%  -24.5%  -36.0%     54.5
RDWR  Radware           27.00  -1.38   -4.8%  -12.9%  -35.9%    417.7
COBT  Cobalt Networks   54.69  -3.00   -5.2%    4.9%  -48.3%  1,616.6
VATA  Versata           24.50  -1.56   -6.0%  -10.1%    N/A     994.0
CLRN  Clarent           36.63  -2.38   -6.1%  -30.7%  -51.7%  1,220.8
SWCM  Software.com     178.00 -13.06   -6.8%   19.1%   90.0%  8,722.2
SPRT  Support.com       27.00  -2.00   -6.9%   -8.5%    N/A     907.9
SONE  S1 Corp.          10.50  -0.81   -7.2%  -43.8%  -86.2%    579.6
OTEX  Open Text         18.81  -1.75   -8.5%  -25.1%    7.1%    380.6
EPRS  Eprise             7.19  -0.69   -8.7%  -54.0%    N/A     180.7
ALLR  Allaire            7.34  -0.72   -8.9%  -76.4%  -89.7%    200.1
NESY  NEON Systems      10.63  -1.13   -9.6%  -36.8%  -72.3%    100.3
LBRT  Liberate          25.69  -2.81   -9.9%  -18.1%  -79.5%  2,640.8
CTRA  Centra Software    6.06  -0.69  -10.2%  -30.7%    N/A     146.5
MNDO  Min

d C.T.I.       11.69  -1.69  -12.6%   16.9%    N/A     235.1
EXTN  Extensity         18.13  -2.88  -13.7%  -20.8%    N/A     432.4
RHAT  Red Hat           15.31  -2.50  -14.0%  -40.4%  -85.1%  2,404.0
FVCX  FVC.com            4.38  -0.72  -14.1%  -38.6%  -61.7%     75.5
VIGN  Vignette          22.81  -4.19  -15.5%  -37.4%  -57.0%  5,284.6
WAVO  WAVO               0.63  -0.13  -16.7%  -23.1%  -83.5%     27.7
SSSW  SilverStream      25.75  -5.44  -17.4%  -17.6%  -77.8%    527.5
NSPK  NetSpeak           8.31  -2.13  -20.4%  -30.0%  -59.9%    117.9
TIBX  TIBCO Software    69.63 -19.63  -22.0%  -31.8%   39.9% 13,217.1
PASW  PASW               1.94  -0.56  -22.5%  -35.4%  -65.1%      8.7
IMAN  iManage            6.06  -1.81  -23.0%  -53.8%  -80.7%    141.1
WEBT  WebTrends         28.19  -8.81  -23.8%  -35.6%  -28.7%    738.4
TMNT  Telemate.Net       1.88  -0.63  -25.0%  -16.7%  -88.2%     14.8
LOUD  Loudeye            5.38  -2.19  -28.9%  -60.2%    N/A     199.0
VIAD  Viador             6.25  -2.56  -29.1%  -30.8%  -84.9%    111.3
CWLD  CrossWorlds       13.88  -6.63  -32.3%  -41.9%    N/A     360.0
PKSI  Primus Knowledge   6.63 -10.13  -60.4%  -75.7%  -85.0%    118.7
---------------------------------------------------------------------
      Performance Software Ave.        -7.1%         

Healthcare software provider VantageMed bounces back after threatening
to dip below the $1 per share mark. That’s all that explains its
perch atop this group. Primus Knowledge Solutions pays the price for
a Q3 earnings warning that leads to a slew of analysts’ downgrades
and a drop of 56% on Tuesday alone. Since closing at $26.38 on
Sept. 14, e-business integration platform provider CrossWorlds Software
has fallen 47%. OTG Software, a developer of online storage, data
access and e-mail management products, is the top monthly gainer here
with a 63% advance.

                                INTERNET SERVICES 

                         10/4    7-Day   7-Day  1-Month    YTD    Market
      Company           $Close  $Change %Change %Change            Cap
                     
HOTJ  HotJobs.com        17.25    3.38   24.3%   -11.5%  -59.6%    623.4
HHNT  HeadHunter.NET      5.88    1.06   22.1%    -1.1%  -52.1%    109.2
ILND  Interland           8.56    1.16   15.6%    14.9%    N/A     399.9
RCOM  Register.com        8.88    1.19   15.4%   -11.3%    N/A     283.9
NTWO  N2H2                2.38    0.31   15.2%   -29.6%  -89.6%     53.4
WEBX  WebEx  Inc         35.75    3.88   12.2%   -16.7%    N/A   1,291.5
EGAN  eGain               8.00    0.75   10.3%   -30.4%  -78.3%    285.6
BWAY  Breakaway Sol.      7.50    0.63    9.1%   -48.5%  -79.0%    337.6
HLTH  WebMD              12.06    0.81    7.2%   -33.9%  -67.0%  2,642.6
DRTN  Data Return        17.00    1.00    6.3%   -28.2%  -67.4%    604.4
CLKS  click2learn.com    14.88    0.88    6.3%    -8.5%   37.0%    250.8
CLAI  Claimsnet.com       3.44    0.16    4.8%   -15.4%  -64.8%     31.6
SVVS  Savvis              8.00    0.31    4.1%    -9.9%    N/A     743.7
ECRU  E-Cruiter.com       3.38    0.00    0.0%   -15.6%  -51.5%     26.0
FUSN  Fusion Networks     1.13    0.00    0.0%   -16.3%    N/A      41.7
NETZ  Netzee              4.00    0.00    0.0%   -26.4%  -75.4%     88.1
SKIL  SkillSoft          18.63    0.00    0.0%    -7.7%    N/A     246.8
MRBA  Marimba            11.81   -0.13   -1.0%   -33.9%  -73.7%    276.8
LIOX  Lionbridge          8.50   -0.13   -1.4%    -9.9%  -52.3%    232.2
VCNT  Vicinity           10.75   -0.25   -2.3%     1.8%    N/A     301.9
SRCH  US SEARCH.com       1.00   -0.03   -3.0%   -49.2%  -86.3%     18.3
EVOK  Evoke               5.69   -0.19   -3.2%   -40.9%    N/A     266.1
WQNI  WorldQuest          4.56   -0.19   -3.9%    -8.7%    N/A      29.1
VRSN  VeriSign          183.56  -10.88   -5.6%     7.9%   -1.5% 35,694.6
CPTH  Critical Path      58.00   -3.81   -6.2%   -15.0%  -37.

0%  3,704.9
KEYN  Keynote Systems    22.25   -2.06   -8.5%   -17.6%  -69.1%    615.9
CTCH  CommTouch Softwa   18.94   -1.81   -8.7%   -16.3%  -60.1%    289.0
STMP  Stamps.com          3.72   -0.37   -9.2%   -49.6%  -90.8%    182.6
ITXC  ITXC Corp.         12.81   -1.50  -10.5%   -41.1%  -61.0%    493.7
SAPE  Sapient            36.63   -4.63  -11.2%   -20.8%  -46.8%  4,347.2
KANA  Kana               19.50   -2.50  -11.4%   -47.5%  -80.5%  1,819.5
MDLI  MedicaLogic         4.06   -0.56  -12.2%   -32.3%  -80.2%    224.4
NAVI  NaviSite           24.44   -3.44  -12.3%   -46.9%  -49.9%  1,381.3
IPRT  iPrint.com          3.00   -0.50  -14.3%   -23.8%    N/A      89.9
EXDS  Exodus             45.00   -8.25  -15.5%   -27.9%    3.8% 18,751.8
CHRD  Chordiant Software  7.13   -1.38  -16.2%   -51.3%    N/A     262.3
MAIL  Mail.com            4.50   -0.88  -16.3%   -29.1%  -75.4%    268.9
IBAS  iBasis             12.31   -2.50  -16.9%   -49.7%  -56.1%    419.7
LFMN  Lifeminders        18.00   -4.69  -20.7%   -39.0%  -68.1%    429.3
USIX  USinternetworking   5.13   -1.38  -21.2%   -47.4%  -88.7%    496.4
EGRT  Egreetings          0.81   -0.22  -21.2%   -45.8%  -91.8%     28.7
WNET  WHEREVER.net        2.00   -0.56  -22.0%   -38.5%    N/A      49.4
CONV  Convergent          2.81   -0.81  -22.4%   -29.1%  -81.8%     83.2
EQIX  Equinix             7.13   -2.22  -23.7%   -54.0%    N/A     525.6
CRIO  Corio               6.44   -2.38  -27.0%   -47.4%    N/A     312.1
DIGX  Digex Inc.         39.50  -15.25  -27.9%   -42.5%  -41.1%  2,509.2
INIT  Interliant          6.34   -2.66  -29.5%   -50.1%  -75.0%    303.4
CRFH  Crayfish            2.38   -1.13  -32.1%   -66.2%    N/A     120.8
CAVN  Cavion              2.38   -1.75  -42.4%   -51.3%  -68.6%     11.8
ACRU  Accrue Software     6.88   -7.06  -50.7%   -69.9%  -87.0%    201.1
LPSN  LivePerson          2.25   -2.44  -52.0%   -68.1%    N/A      66.3
------------------------------------------------------------------------
      Internet Services Ave.             -8.4%         

As ridiculous as this may sound, the reason there are two online job
sites at the top of this sector is because they were mentioned in a
Business Week article on, well, online job sites. Online customer
relationship management technology vendor LivePerson may have been
saved from falling below $2 per share by bargain hunters on Thursday.
Trading volume was at its highest level since the company’s IPO in
early April. SG Cowen downgrades Accrue Software on Monday, and the
market follows suit. There are only three monthly gainers in this group.
Can you find them?

                             ADVERTISING/MARKETING 

                         10/4   7-Day   7-Day  1-Month   YTD    Market
       Company          $Close $Change %Change %Change           Cap   

NCNT  Netcentives        11.06   4.91   79.7%   17.6%  -81.8%    471.4
ENGA  Engage              7.81   1.19   17.9%  -37.8%  -73.3%  1,404.8
MYPT  MyPoints.com        6.19   0.88   16.5%  -51.0%  -91.4%    181.9
NTRT  NetRatings         19.13   2.19   12.9%   12.5%  -59.3%    621.3
NTCR  NetCreations       10.50   0.63    6.3%  -49.4%  -75.6%    162.7
HPOL  Harris Interactive  4.63   0.13    2.8%   19.4%  -63.7%    158.2
APLN  @Plan.Inc           8.69  -0.06   -0.7%   61.6%   -9.9%     98.3
LNTY  L90                 7.56  -0.25   -3.2%    5.2%    N/A     169.1
TFSM  24/7 Media          8.72  -0.59   -6.4%  -29.9%  -84.1%    310.4
CSAV  coolsavings.com     2.56  -0.19   -6.8%  -19.6%    N/A     100.2
AVEA  Avenue A            4.81  -0.44   -8.3%  -41.7%    N/A     279.5
VCLK  ValueClick          6.41  -0.59   -8.5%  -41.8%    N/A     179.4
DIGI  Digital Impact      6.13  -0.69  -10.1%  -36.4%  -87.5%    151.8
MPLX  Mediaplex           3.75  -0.50  -11.8%  -70.0%  -93.9%    126.2
BFRE  Be Free             3.94  -0.56  -12.5%  -29.2%  -88.8%    256.7
CBLT  Cobalt              3.3

8  -0.63  -15.6%  -32.5%  -63.1%     59.6
FSHP  FreeShop.com        3.44  -0.69  -16.7%  -11.3%  -92.7%     53.9
PRME  Prime Response      3.50  -0.81  -18.8%  -40.7%    N/A      72.3
DCLK  DoubleClick        26.06  -7.81  -23.1%  -30.4%  -78.9%  3,198.0
----------------------------------------------------------------------
      Advertising/Marketing Ave.        -0.3%         
     

Internet advertising services market leader DoubleClick announces
it will buy e-mail marketing services provider NetCreations for
$191 million. Though it shows a 6.3% gain for the week, NetCreations
shares actually fell slightly after the news, while DoubleClick’s
fell more than slightly. Netcentives, a Web-based marketing firm
specializing in online frequent-buyer programs, is still flying
high in wake of report that it will exceed revenue estimates for
the third quarter. This week it tops all ‘Net stocks with a gain of
nearly 80%. Of course, it’s still down 82% for the year.

                             CONSULTANTS/DESIGNERS

                        10/4   7-Day   7-Day  1-Month   YTD   Market
       Company         $Close $Change %Change %Change          Cap
                     
MMPT  Modem Media        4.81   1.03   27.3%  -44.6%  -86.0%   117.9
PRFT  Perficient        16.25   2.44   17.6%   27.5%   30.6%    98.7
RAZF  Razorfish          9.81   1.19   13.8%  -21.1%  -78.9%   932.2
PECS  PEC Solutions      5.56   0.56   11.3%  -12.7%    N/A    123.9
IISX  Integrated Info.   4.88   0.25    5.4%  -15.2%    N/A     99.8
GENI  GenesisIntermedia 15.75   0.69    4.6%    4.1%  177.6%   101.8
VIAN  Viant              5.53   0.16    2.9%  -31.9%  -88.6%   265.2
MSPR  Mainspring         6.34  -0.03   -0.5%  -48.7%    N/A    119.3
LUMT  Luminant           3.00  -0.06   -2.0%  -66.4%  -93.2%    81.3
IIXL  iXL Enterprises    4.06  -0.19   -4.4%  -41.4%  -92.5%   307.6
MRCH  marchFIRST        13.25  -0.88   -6.2%  -32.1%  -74.7% 1,990.3
OGNC  Organic            4.25  -0.31   -6.8%  -20.0%    N/A    373.8
CVGP  Convergent         4.34  -0.34   -7.3%  -13.1%    N/A    188.6
DTAS  Digitas           16.19  -1.31   -7.5%   27.0%    N/A    931.4
INFT  Inforte           35.63  -3.00   -7.8%   13.3%    N/A    441.8
XPDR  Xpedior            3.13  -0.47  -13.0%  -54.5%  -88.9%   158.0
ACOM  AGENCY.COM        13.13  -2.25  -14.6%  -36.0%  -73.6%   467.3
LNTE  Lante              3.63  -0.69  -15.9%  -56.7%    N/A    143.2
PXCM  Proxicom          16.56  -3.19  -16.1%  -12.5%  -72.7%   934.6
SCNT  Scient            18.44  -3.94  -17.6%  -18.1%  -78.1% 1,350.5
--------------------------------------------------------------------
      Consultants/Designers Ave.       -1.8%         

Modem Media hits a new all-time low close of $3.78 on Sept. 27,
then “soars” back over $5 on the next day. By Thursday it was at
$4.69 and sinking fast. This is a troubled sector, with many
companies in recent weeks reporting layoffs and lower-than-expected
quarterly earnings. Luminant Worldwide and iXL Enterprises are
neck-and-neck for the biggest YTD loss. GenesisIntermedia.com
shares have closed every day since April 19 no lower than $15 and
no higher than $16.88.

                                 SPEED/BANDWIDTH 

                         10/4   7-Day   7-Day  1-Month   YTD    Market
        Company         $Close $Change %Change %Change           Cap 

WGAT  WorldGate          25.00   3.81   18.0%   18.0%  -46.2%     541.7
NENG  Network Engines    44.00   6.25   16.6%   16.4%    N/A    1,503.5
SONS  Sonus Networks    135.50  13.25   10.8%  -12.3%    N/A    8,267.4
ATON  Alteon WebSystems 115.94   7.13    6.5%  -17.3%   35.4%   5,012.9
TERN  Terayon            33.25   1.44    4.5%  -34.2%    8.5%   2,065.8
CSCO  Cisco Systems      58.56   1.25    2.2%   -8.9%   12.0% 412,396.7
RSNT  Resonate           39.19   0.75    2.0%   -4.4

%    N/A    1,056.5
HSAC  High Speed Acces    3.63   0.00    0.0%  -32.6%  -78.9%     201.9
BRCM  Broadcom          241.94  -5.81   -2.3%    7.1%   82.0%  53,719.1
SCMR  Sycamore Network  104.00  -3.00   -2.8%  -21.0%    3.8%  25,460.7
FFIV  F5 Networks        33.19  -1.13   -3.3%  -39.1%  -70.2%     714.0
RDWR  Radware            27.00  -1.38   -4.8%  -12.9%  -35.9%     417.7
JNPR  Juniper Networks  207.97 -17.03   -7.6%   -0.8%  275.9%  65,584.4
ATHM  At Home            12.25  -1.06   -8.0%  -30.3%  -70.7%   4,927.9
TUTS  Tut Systems        68.25  -6.63   -8.8%  -33.0%   30.4%   1,066.2
CAIS  CAIS Internet       4.91  -0.50   -9.2%  -38.2%  -85.8%     113.4
INKT  Inktomi           108.94 -11.81   -9.8%  -12.0%   25.7%  12,421.6
AKAM  Akamai             45.50  -5.00   -9.9%  -34.2%  -85.8%   4,840.8
IBEM  iBEAM               6.19  -0.97  -13.5%  -49.5%    N/A      670.2
PKTR  Packeteer          31.94  -6.06  -16.0%  -31.5%  -53.9%     869.0
INAP  InterNAP           22.75  -4.75  -17.3%  -32.5%  -73.1%   3,305.8
COSN  Cosine             43.59 -10.66  -19.6%    N/A     N/A    4,365.0
AVCI  Avici Systems      80.52 -21.05  -20.7%  -38.2%    N/A    3,865.7
CFLO  CacheFlow         121.75 -33.75  -21.7%   13.3%   -4.6%   4,821.7
COVD  Covad  Group       10.31  -3.13  -23.3%  -40.2%  -71.7%   1,596.7
RAMP  Ramp Networks       2.00  -1.50  -42.9%  -62.8%  -86.6%      43.3
-----------------------------------------------------------------------
      Speed/Bandwidth Ave.              -7.0%         

Interactive cable TV platform provider WorldGate Communications shot up
16% on Wednesday, two days after announcing it has deployed service
to cable subscribers in the Dominican Republic. On Thursday, though,
WGAT gave back those gains. As it did exactly one year ago, Ramp
Networks issues a Q3 earnings warning. Last year shares fell more than
50% in one day after the news. This year the fall only 42%. Now that’s
progress. The maker of high-speed routers for small offices had better
hope it gets acquired before it disappears.

                             ISPs/ACCESS PROVIDERS

                         10/4   7-Day   7-Day  1-Month   YTD   Market
        Company         $Close $Change %Change %Change          Cap 

LOAX    Log On America    3.06   0.66   27.3%    N/A   -84.5%    26.9
IZAP    ZapME!            1.97   0.34   21.2%   -1.6%  -76.6%    88.9
IIJI    Internet/Japan   42.13   3.63    9.4%   -0.9%  -55.6% 1,893.9
IDTC    IDT Corporation  38.94   1.81    4.9%   -4.2%  111.3% 1,435.8
VNWI    VIA NET.WORKS     8.63   0.06    0.7%  -34.3%    N/A    514.7
ATHY    AppliedTheory     6.13   0.06    1.0%  -19.7%    N/A    152.0
HANA    Hanaro Telecom    4.25   0.00    0.0%  -18.1%    N/A  1,122.0
ISLD    Digital Island   18.94  -0.06   -0.3%  -35.3%  -79.6% 1,319.6
DDDC    Deltathree.com    4.09  -0.03   -0.8%  -39.9%  -83.7%   118.0
ZIPL    Ziplink           3.22  -0.03   -1.0%  -44.6%  -73.6%    41.8
GIGM    GigaMedia         7.97  -0.16   -1.9%  -25.9%    N/A    389.1
IGLD    Internet Gold     5.38  -0.13   -2.3%  -16.9%  -75.3%    99.1
QSCG    QS Comm.         15.75  -0.50   -3.1%  -11.3%    N/A    802.9
PNVN    PNV               0.97  -0.03   -3.1%  -35.4%  -87.9%    15.5
FSST    FASTNET           1.94  -0.06   -3.1%  -18.4%    N/A     29.0
IAWK    Iasiaworks        9.00  -0.50   -5.3%  -12.7%    N/A    353.6
NPLI    Netpliance        1.88  -0.13   -6.3%  -60.0%    N/A    113.3
DSLN    DSL.net           3.19  -0.25   -7.3%  -43.6%  -77.4%   210.0
PRGY    Prodigy           5.78  -0.47   -7.5%  -26.6%  -69.4%   403.9
FREE    Freeserve        32.94  -3.06   -8.5%  -28.4%  -63.3% 3,301.2
TRRA    Terra Networks   33.25  -3.13   -8.6%  -17.4%  -37.8% 9,160.4
NZRO    NetZero           2.47  -0.28  -10.2%  -40.1%  -90.6%   302.1
KOREA   Korea Thrunet     5.00  -0.63  -11.1%  -43.4%  -92.5%   359.8
PSIX    PSINet            7.91  -1.06  -11.8%  -55.5

%  -73.8% 1,502.8
TLCT    Telocity Delaware 2.75  -0.38  -12.0%  -37.1%    N/A    233.4
PCNTF   Pacific Internet  8.75  -1.75  -16.7%  -44.2%  -80.9%   110.6
RMII    RMI.Net           1.25  -0.27  -17.5%  -48.7%  -84.6%    27.4
ELNK    EarthLink         8.03  -1.72  -17.6%  -36.4%  -80.6% 1,003.4
GEEK    Internet America  2.13  -0.72  -25.3%  -47.7%  -81.6%    20.7
JWEB    Juno Online       3.25  -1.25  -27.8%  -45.8%  -90.6%   126.3
---------------------------------------------------------------------
        ISP/Access Provider Ave.         -4.7%         

After nearly closing below $2 per share for the first time ever on
Tuesday, Rhode Island-based access provider Log On America climbs more
than 50% on Wednesday alone to lead the sector and crack the list of
top 10 gainers. School access and marketing services provider ZapME!
gains on news that Israeli satellite communications developer Gilat
Satellite Networks will make a tender offer for 51% of outstanding
shares at $2.32 per share. The excitement was short-lived, however,
as IZAP shares dip back below $2 on Thursday. Free access provider
Juno Online Services continues to break new low ground, falling
below $4 per share for the first time.

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