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Internet Market Close Report for 1998.04.16

Steve Harmon
By Steve Harmon

Market Close Snapshot


































 
16-Apr-98
% change
point change

ISDEX
179.16
4.98%
8.50

ISDEX Price Weighted Composite
1,833.25
4.50%
79.00

NASDAQ
1,858.24
-0.27%
-5.02

DJIA
9,076.57
-0.94%
-85.70

  • Infoseek (NASDAQ:SEEK) continues to be the story as 33 million shares traded hands today pushing the shares up another new high at $44.19 per share, 30% over yesterday’s new high, for a stock that’s already gone ballistic. Short-term we would caution over-eager investors that SEEK had quite a loss last year, the most losses in the search group, and that we don’t think it’s out of the woods yet.

  • CNET (NASDAQ:CNWK) shares took off perhaps as Wall Street listened in part to this morning’s Internet Stock Report that talked about content being the only uninvited guest in the recent run of Internet stocks. CNWK stock closes up about 30% at $36.

  • In the onslaught on interest in Internet stocks search software developer Inktomi filed to go public to raise about $35 million. Inktomi’s search technology is behind Wired’s HotBot and the soon to debut Microsoft Start. The Berkeley, CA-firm also makes software for caching content on the Web, a method that increases traffic speed. Between the two technologies it offers, combined with a stock market sending Internet shares soaring, guess what’ll happen to Inktomi? Tune in tomorrow’s Internet Stock Report for our in the numbers and on the money analysis.

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