Internet Market Close Report for 1998.06.12


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  • Earthlink (NASDAQ:ELNK) signs an agreement with the L.A. Dodger baseball club to be its “official” ISP, to provide its fans with vanity email addresses, co-branded Web personal interest pages, player and fan chats, online events, and events at Dodger Stadium. Vanity email is the future of email, how’s that for what it all means.

  • Amazon (NASDAQ:AMZN) drops on a downgrade by Everens to “near-term underperform” from “market perform.” Everen says the stock over-reacted to the official launch of its music store yesterday (see Market Close, June 11 for that news).
    We think the 15% jump June 11 to $62.50 per share was overdone but that if Amazon can match in music what it’s done in books that Everen could be not hearing the music. Its downgrade focused on book sales.

    Our analysis over the years of the music industry shows that we forecast about 10% of music sales could be through the Web in 36 months, or more than $2 billion. Biggest threat to Amazon is the music labels, they don’t need middlemen to reach buyers on the Internet.

  • NetGravity (NASDAQ:NETG) prices at the bottom of its public offer, $9 per share, and gets lead feet its first trading day closing at $9.75 per share. Meanwhile GeoCities just filed its IPO, wants to raise $72.5 million. Our inside the numbers analysis next week in Internet Stock Report.

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