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How About That Dow Now Past 11,000

Written By
Steve Harmon
Steve Harmon
May 4, 1999
2 minute read

It’s the Dow’s time to take the limelight as the industrial average passes the 11,000 mark for the first time ever. ISDEX and NASDAQ take a breather as the technology and Internet sector lacks luster amid the pending summer slowdown.

ISDEX closes at 571.08 with a change of -33.02 (-5.47%) as 39 of the 50 stocks in this industry bellwether drop. Today’s snapshot:

  • Amazon.com (NASDAQ:AMZN) loses 12% to $150 15/16 per share after reporting its latest quarter results last week when founder Jeff Bezos said he plans on spending heavily to grow the etailer. AMZN shares are off about 30% the past two weeks. A couple of key observations: 1) I think Amazon is in a high-growth, high-spend mode and 2) I think Amazon’s model may be in transition to more referral-based sales rather than “touch the merchandise” sales. A more Web-enabled model.
  • CheckPoint (NASDAQ:CHKP) rises 5% to $37.25 per share on no news but what I see as investors starting to pick over ignored Internet stocks not hit by the lull in the entire tech sector. This firewall software leader has been overlooked for most of 1999.
  • Broadcom (NASDAQ:BRCM) continues to find believers that its announced acquisition of Epigram may give it another strong point in its quest for market leadership position in the network chip arena. Broadcom already dominates the broadband chip world.

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