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Broad Market Rally Led By Net Stocks

Written By
Steve Harmon
Steve Harmon
May 12, 1999
2 minute read

Internet stocks rally again for a second day as investors move into the brandshare and marketshare leaders in varying degrees. ISDEX value is 592.69 with a change of +19.69 (+3.44%). NASDAQ and the Dow also rise to the occasion as technology stocks in general move the market.

  • theStreet.com (NASDAQ:TSCM) goes public today and follows my projected trajectory, settling in at $60 per share after enthusiasm pushed it past $71. Priced at $19 it opens at $61 13/16. The Web-based financial news provider trades at a high multiple and the pressure is on for the group to make the numbers work as a public company.
  • Cisco (NASDAQ:CSCO) proves that big firms can also produce top line results as the Internet infrastructure maker posts a 44% leap in revenue to $3.15 billion. Net income is $484 million, or $0.30 EPS. The company announces a 2-for-1 stock split for shareholders of record May 21, effective June 21.
  • AOL (NYSE:AOL) inks deals with DirectTV, Hughes Network Systems, Philips Electronics and Network Computer for AOL TV services through set-top boxes. I like the deal on face value but wonder how it will be implemented. There’s a big leap from PC to TV, not only in user expectations but in the intrinsic nature of the mediums themselves.

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