Average Down 7%: ISDEX Drops While Broad Market Goes Sideways

Investors who spent the past summer guzzling performance-enhancing stock
hype, hitting balls out of the park as easily as Mark McGuire, are now fans
of the new Wall Street pastime: checking the field for gophers a la
Caddyshack. The Dow moved sideways the past week, and NASDAQ got to first
base with a 1% rise while ISDEX, The Internet Stock Index, waited on deck
to take a swing at the plate once again, given the chance.


Just 15 of the 50 stocks in the leading index for Internet stocks posted
gains September 8-15, while the others sat in the stands or moved to the
cheap seats with a pair of binoculars. Check out the latest ISDEX ups and
downs, sorted by advancers:



























































































































































































































































































































































































































































ISDEX (

15-Sep-98

% change

Point change

The Internet Stock Index

close

from

from

www.isdex.com

08-Sep-98

08-Sep-98

ISDEX
Geometric Average

94.34

-6.8%

-6.90

ISDEX Price Wtd. Composite

1,249.13

-6.9%

-91.89

NASDAQ

1,678.15

1.0%

17.29

DJIA

8,024.39

0.0%

3.61

24/7
Media*

TFSM

$12.38

16%

$1.75

Network
Associates

NETA

$40.00

16%

$5.56

Axent

AXNT

$19.25

12%

$2.06

IDT
Corp

IDTC

$18.63

8%

$1.38

Broadcom*

BRCM

$72.88

6%

$4.38

USWeb

USWB

$11.25

6%

$0.63

Onsale

ONSL

$19.25

4%

$0.75

CKS
Group

CKSG

$14.50

4%

$0.50

Mecklermedia

MECK

$22.00

3%

$0.69

Security
First Net Bank

SFNB

$12.88

3%

$0.38

CyberCash

CYCH

$8.75

3%

$0.25

America
Online

AOL

$97.50

2%

$2.25

@Home
Network

ATHM

$34.44

2%

$0.75

ISS
Group*

ISSX

$29.00

2%

$0.63

E*TRADE

EGRP

$19.13

1%

$0.13

VocalTec

VOCLF

$8.81

0%

$0.00

Yahoo!

YHOO

$84.38

0%

-$0.25

Concentric

CNCX

$17.66

-1%

-$0.09

RealNetworks

RNWK

$19.63

-1%

-$0.25

N2K

NTKI

$8.50

-3%

-$0.25

CheckPoint
Software

CHKPF

$19.31

-3%

-$0.69

WavePhore*

WAVO

$5.75

-4%

-$0.25

PSINet

PSIX

$13.69

-4%

-$0.63

GeoCities*

GCTY

$21.63

-5%

-$1.13

Spyglass

SPYG

$11.88

-5%

-$0.63

Mindspring

MSPG

$33.00

-6%

-$2.13

CDnow

CDNW

$9.25

-6%

-$0.63

Network
Solutions

NSOL

$29.63

-7%

-$2.19

Open
Text

OTEXF

$12.50

-7%

-$0.94

Netscape

NSCP

$21.25

-8%

-$1.75

Secure
Computing

SCUR

$8.13

-8%

-$0.75

Infoseek

SEEK

$19.13

-9%

-$1.88

Earthlink
Network

ELNK

$32.63

-9%

-$3.38

Verisign

VRSN

$25.50

-10%

-$2.75

Open
Market

OMKT

$10.31

-10%

-$1.13

Security
Dynamics

SDTI

$11.03

-10%

-$1.22

Inktomi*

INKT

$59.13

-12%

-$8.38

Egghead.com

EGGS

$6.50

-13%

-$1.00

Excite

XCIT

$26.00

-13%

-$4.00

Verio*

VRIO

$19.94

-14%

-$3.31

Lycos

LCOS

$23.56

-15%

-$4.13

Broadvision

BVSN

$18.50

-16%

-$3.63

Broadcast.com*

BCST

$34.75

-17%

-$7.20

CMG
Info

CMGI

$40.00

-19%

-$9.63

CNET

CNWK

$35.50

-20%

-$8.75

Amazon.Com

AMZN

$72.94

-21%

-$19.31

Doubleclick

DCLK

$19.75

-23%

-$5.88

Sportsline
USA

SPLN

$14.06

-26%

-$5.06

Exodus*

EXDS

$18.00

-30%

-$7.75

Cylink

CYLK

$5.13

-37%

-$3.06

*
change from IPO 1998

TOTAL

1,226.00

-6%

-81.08

SIMPLE AVERAGE

25.54

-6%

-1.69




Up from the minors is 24/7 Media (NASDAQ:TFSM), which had its IPO August 14
at $14, flirted with $22.75 per share since and dropped as low as $6.50 in
its nascent life. That’s volatile and beyond debating the ad network firm’s
fundamental outlook. A trading range as wide as that is pure emotion. Or
pathos. TFSM closed September 15 at $12.375, up 16% thanks to deals with
Netscape and coverage by JP Morgan and Merrill Lynch.


Network Associates (NASDAQ:NETA) joined the 16% club on news that its rival
Symantec dropped some code that a Network Associate acquisition claimed to
have created. Also fueling NETA was PC Week Labs naming its Sniffer Pro
best of the protocol analyzers, its 32nd award.


Among other notable news and moves:



  • 98.09.15 – CKS Group (NASDAQ:CKSG) starts to find believers, closing
    the gap between its trading range and the pending offer of $21.21 per share
    stock swap from USWeb (NASDAQ:USWB). The overall deal value was set at $350
    million when it was announced two weeks ago, with both stocks trading south
    since then and recovering ground in the past few sessions.


  • 98.09.14 – Yahoo (NASDAQ:YHOO) and Softbank invest $25 million in
    e-loan, a privately-held service that lets potential borrowers apply for
    loans via the Web. The deal signals an increased role by Yahoo as investor
    in firms that use its platform.


  • 98.09.11 – The Internet taking center stage for delivery of the Starr
    Report concerning Clinton and Lewinsky had a positive effect on Internet
    stocks in general. The news itself isn’t important, rather the fact that
    the Internet proved itself as a global deliverer of instant information.


  • 98.09.10 – Infoseek (NASDAQ:SEEK) pays $26 million over the next two
    years to be Microsoft’s WebTV exclusive search and navigation provider.
    Terms: $15 million in advance for first 5 quarters and remainder
    afterwards. Infoseek gets all ad revenue to a undisclosed amount and splits
    above that. WebTV delivers 40 million page views per day, 80% of its users
    have never or rarely go online via PC.


  • 98.09.09 – GeoCities (NASDAQ:GCTY) signs Microsoft’s HomeAdvisor as
    exclusive sponsor/featured home buying service for its new real estate
    site. Microsoft buys some real estate of its own, the way we see it.




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