On a price weighted basis, ISDEX jumped almost as much in the past week as
the Dow has all year, led by strong gains in the navigation stocks such as
Excite (NASDAQ:XCIT), Lycos (NASDAQ:LCOS), Infoseek (NASDAQ:SEEK), and
DoubleClick (NASDAQ:DCLK).
Stronger than expected earnings in Yahoo! (NASDAQ:YHOO) helped reignite the
navigation cluster while DCLK moved on its pioneer space status. Ditto
CDnow (NASDAQ:CDNW).
A basket of top-tier Internet security stocks occupies the bottom rung on
ISDEX this week, we suspect out of a lack of anything on the top deal
sphere to get excited about.
CheckPoint finally got acquisitive with Internet-address management
developer MetaInfo Inc. for about $27.5 million or 683,200 shares. But
while CheckPoint breaks the deal space we think this is more along the
lines of one small step for CheckPoint, one small step for Web kind.
The earth-shattering deals have yet to be done in the security space. An
IBM could probably use a CheckPoint as part of its offering. Microsoft
could also, but with the anti-trust eyeballs staring hard, acquiring the
market leader in firewalls may turn too many heads.
The question now is are Internet stocks trading at exorbitant levels? We
think the big runners–those up triple digit year-to-date–could give up
15% easily in the next three months. It’s hard to bet against the tape,
however.
Check the ups and downs:
ISDEX April 7 – 14
ISDEX ® | 14-Apr-98 | % change | Point change | % change | |
Internet Stock Index | close | from | from | from | |
07-Apr-98 | 07-Apr-98 | 31-Dec-97 | |||
ISDEX Geometric Average | 167.49 | 9.1% | 13.90 | 67.7% | |
ISDEX Price Wtd. Composite | 1,725.38 | 11.3% | 175.63 | 65.6% | |
NASDAQ | 1,843.03 | 2.5% | 44.32 | 17.4% | |
DJIA | 9,110.20 | 1.7% | 153.70 | 15.2% | |
Security First Net Bank | SFNB | $ 11.44 | 52% | $3.91 | 58% |
Excite | XCIT | $ 76.00 | 45% | $23.69 | 153% |
Network Solutions | NSOL | $ 52.88 | 33% | $13.25 | 303% |
Doubleclick | DCLK | $ 45.50 | 33% | $11.31 | 168% |
CMG Info | CMGI | $ 89.19 | 31% | $21.19 | 195% |
Cyberguard | CYBG | $ 16.94 | 30% | $3.94 | 201% |
Infoseek | SEEK | $ 25.63 | 29% | $5.75 | 138% |
CDnow | CDNW | $ 35.50 | 28% | $7.75 | 122% |
Lycos | LCOS | $ 68.63 | 28% | $14.94 | 66% |
Open Market | OMKT | $ 24.63 | 26% | $5.13 | 156% |
Yahoo! | YHOO | $ 114.88 | 23% | $21.63 | 66% |
Sportsline USA | SPLN | $ 37.13 | 21% | $6.50 | 245% |
N2K | NTKI | $ 34.63 | 19% | $5.63 | 137% |
CyberCash | CYCH | $ 19.88 | 19% | $3.13 | 57% |
USWeb | USWB | $ 30.19 | 15% | $3.94 | 222% |
NewsEdge | NEWZ | $ 15.38 | 15% | $2.00 | 15% |
Amazon.Com | AMZN | $ 97.19 | 14% | $11.94 | 61% |
Mindspring | MSPG | $ 71.63 | 14% | $8.63 | 113% |
Verisign | VRSN | $ 43.88 | 13% | $4.94 | 213% |
Netscape | NSCP | $ 17.88 | 11% | $1.81 | -27% |
Metricom | MCOM | $ 10.63 | 10% | $1.00 | 10% |
PSINet | PSIX | $ 12.75 | 10% | $1.19 | 149% |
Mecklermedia | MECK | $ 25.63 | 8% | $1.88 | 3% |
Egghead.com | EGGS | $ 9.38 | 7% | $0.63 | 44% |
Broadband Technologies | BBTK | $ 7.44 | 6% | $0.44 | 80% |
CKS Group | CKSG | $ 22.19 | 6% | $1.19 | 57% |
Broadvision | BVSN | $ 18.69 | 6% | $1.00 | 188% |
America Online | AOL | $ 74.31 | 5% | $3.81 | 64% |
VocalTec | VOCLF | $ 20.00 | 5% | $0.88 | -2% |
Axent | AXNT | $ 28.88 | 3% | $0.88 | 67% |
CheckFree | CKFR | $ 27.88 | 3% | $0.75 | 3% |
Onsale | ONSL | $ 31.88 | 2% | $0.75 | 77% |
Spyglass | SPYG | $ 8.75 | 2% | $0.19 | 77% |
CheckPoint Software | CHKPF | $ 40.81 | 2% | $0.75 | 0% |
Intuit | INTU | $ 48.25 | 2% | $0.88 | 17% |
Open Text | OTEXF | $ 19.00 | 0% | $0.00 | 42% |
Versant Object Technologies | VSNT | $ 6.44 | -1% | -$0.06 | -53% |
IDT Corp | IDTC | $ 31.75 | -1% | -$0.31 | 57% |
Earthlink Network | ELNK | $ 66.25 | -1% | -$0.75 | 157% |
WavePhore | WAVO | $ 12.81 | -1% | -$0.19 | 37% |
PairGain | PAIR | $ 20.94 | -3% | -$0.69 | 8% |
@Home Network | ATHM | $ 30.94 | -4% | -$1.13 | 23% |
Concentric | CNCX | $ 25.25 | -5% | -$1.38 | 185% |
CNET | CNWK | $ 27.88 | -6% | -$1.63 | -6% |
Cylink | CYLK | $ 13.94 | -6% | -$0.81 | 43% |
Network Associates | NETA | $ 62.19 | -6% | -$3.69 | 18% |
RealNetworks | RNWK | $ 32.75 | -6% | -$2.09 | 136% |
Secure Computing | SCUR | $ 11.38 | -9% | -$1.13 | -4% |
Security Dynamics | SDTI | $ 25.06 | -10% | -$2.69 | -30% |
E*TRADE | EGRP | $ 22.44 | -17% | -$4.50 | -2% |
TOTAL | 1,725.38 | 11% | 176.13 | 66% | |
SIMPLE AVERAGE | 34.51 | 11% | 3.52 | 66% |
