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Internet Market Close Report for 1998.01.22

Steve Harmon
By Steve Harmon

ISDEX & Market Moves
Snapshot

































  22-Jan-98 % change point change
ISDEX Average 107.14 -2.73% -3.01
ISDEX Composite 855.31 -2.69% -23.69
NASDAQ 1,576.51 -0.72% -11.41
DJIA 7,730.88 -0.81% -63.52

  • Netscape (NASDAQ:NSCP) decides to give away its browser and goes a step further by putting the source code on the Web for programmers to use and create new features for it. See ISR January 6 for our timely call to make the browser client free. Free at last, free at last, free at last. The new chant being heard around Netscape’s Mountain View CA headquarters.

  • Earthlink (NASDAQ:ELNK) falls to $31 per share after Everen Securities moves the stock to “near-term market perform” from “outperform.” Everen reportedly bases its move on ELNK — which was trading north of $36 Jan. 21– was close to its $37 price per share target, inferring it must be overvalued. Ironically, a month ago Everen puts out a price target of $37 for ELNK and then when it nears this target it backtracks based on ELNK getting close to its target, which causes ELNK to tumble. Self-fulfilling and self-defeating prophecy?

  • PSINet (NASDAQ:PSIX) turns down a $10 per share offer from USinternetworking which wanted to acquire 51% of PSIX. PSINet issued a statement that mentions the proposed deal interferes with another agreement with digital line and long-distance firm IXC to sell it 20% of PSIX in return for high-speed backbone services.

  • Excite (NASDAQ:XCIT) will become the new content service for Prodigy as the former leading online service bows out of content altogether. Prodigy will become solely an access provider, leading its users to a default page set up and maintained by Excite and its channels.

    • Steve Harmon
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