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Big Blue & Big HP Drag Down Stocks

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Steve Harmon
Steve Harmon
Jul 21, 1999

Wall Street breaks out the rubber chickens as technology shares drag down the market led by concerns over HP (NYSE:HWP) and IBM (NYSE:IBM) who warn of slower growth in coming quarters. The news provides a convenient trigger for a selloff across the boards including the Internet, where only a handful of stocks rise.

Most of the attention today focuses on a few Internet IPOs which manage to find some fuel despite the market’s southward bent.

  • Engage (NASDAQ:ENGA) prices 6 million shares at $15, opens at $30, peaks at $47 and closes at $41 in a strong debut for the Internet ad/marketing firm owned 82% by parent CMGI (NASDAQ:CMGI).
  • Gadzoox (NASDAQ:ZOOX) overcomes one of the more ‘cartoonish’ names in the Internet space and soars more than 250% in its IPO today, prices 3.5 million shares at $21, opens at $68, peaks at $87 and closes at $74 13/16. Gadzoox claim to fame are its networking hardware hubs and switches that are used by firms including HP and Compaq.
  • Go2Net (NASDAQ:GNET) breaks the top 10 in Web audience for the first time ever with 20% growth from May to June, according to Media Metrix. Go2Net ranked 15 in May and 9 in June. GNET shares rise $1 5/16 to $76 7/16 on the news.
  • correction: TMCS was not added to my hot list in July, it was added to the ISDEX recently.
  • Mp3.com (pending IPO) prices 12.3 million shares above its range at $28 per share through lead underwriter CS First Boston. That’s 3x more than the original low-end of $9 for the music portal made popular by the freebie frenzy of the format MP3. While I have my doubts about MP3.com’s current ability to monetize its business I believe it has a narrow window to leverage its user base as a digital music mega center.

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    Steve Harmon

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