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AOL Beats Street But Net Stocks Mostly Down

Written By

Apr 28, 1999

internet.com’s ISDEX falls as profit takers move over to blue chips. Of the 50 stocks more than 75% lose ground today, sending ISDEX dropping 2.8% to 636.99. eBay’s (NASDAQ:EBAY) better-than-expected results yesterday are not enough to fuel a rise today in the sector.

The snapshot:

AOL (NYSE:AOL) beats the Street with better-than-expected results, posting $0.11 EPS vs. First Call’s target range of $0.07 to $0.10. Overall net income is $117 million for its third quarter with a record $1.3 billion revenue. True to the expression, investors sell on news as AOL shares end the day down 5% to $153 per share, with some after-hours trading trending down slightly also. I expect a pop tomorrow.

Razorfish (NASDAQ:RAZF) goes public today, prices at $16 per share (above range), opens at $35.50 and closes at $33.50. I attribute much of that to first-day fervor since RAZF now trades a revenue multiple premium to larger peers in the Web design/marketing space. some of that may be discounted growth.

eBay (NASDAQ:EBAY) revenue jumps 469% to $34 million while its net income is $9.5 million or $0.05 EPS. Analyst consensus was $0.02. The personal trading community auction traffic grew 69% to 22.9 million auctions while registered users more than doubled to 3.8 million. Despite the valuation question I’ve always had for EBAY its results continue to impress me. However, long range how long can it be before personal trading is across the Web as a commodity?

Survey: Which brand is
stronger to you –

* AOL

* EBAY

* Yahoo

* Amazon

and why? email now with your
quick thoughts

Steve Harmon

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