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Internet Market Close Report for 1998.04.23

Steve Harmon
By Steve Harmon

Market Close Snapshot

































 
23-Apr-98
% change
point change

ISDEX
162.13
-5.62%
-9.66

ISDEX Price Weighted Composite
1,627.47
-6.31%
-109.56

NASDAQ
1,881.39
-1.89%
-36.22

DJIA
9,143.33
-0.36%
-33.39

  • VeriSign (NASDAQ:VRSN) reports $4 million first quarter revenue ending March 31, 1998, up 216% vs. 1Q97. Losses continue at $5.2 million, or $.27 loss per share. We like the idea of digital certificates yet remain skeptical at the amount of hassle required to register as an individual and corporation for these and pay on top of that. Huge potential but it needs to be a no-brainer, automatically issued thing.

  • Mecklermedia (NASDAQ:MECK), producer of this report, shares close up 14% today to $27 per share and flirt with a new all time 52-week high just shy of $30 on a positive statement on CNBC by Acorn USA fund manager Robert Mohn who calls MECK “the cheapest Internet stock in the world…it actually trades at a multiple to cash flow and it does earn cash flow. We like this company because it’s not directly involved in the battle for eyeballs; it actually owns the battlefield.” See Internet Stock Report, April 17.

  • Infoseek (NASDAQ:SEEK) posts a first quarter loss of $0.05 while Wall Street expected $0.10 loss per share on $14.3 million revenue, up 131% vs. 1Q97. Look for SEEK shares to rebound in trading Friday. This is the third Internet navigation/search stock that has beat expectations, which we view as a positive sign of growth being realized.

  • Vocaltec (NASDAQ:VOCLF) reports $4.9 million 1Q98 revenues, up 60% vs. 1Q97 while net loss is $2.4 million, or $0.23 per share, vs. $2.3 million, or $0.27 per share 1Q97. The IP (Internet Protocol) telephony software maker has some strong server-side products in the pipeline.

    • Steve Harmon
    Steve Harmon
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