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Internet Market Close Report for 1998.08.28

Steve Harmon
By Steve Harmon







































ISR’s Market Snapshot
28-Aug-98
point change
% change

ISDEX geo. average
102.86
-7.10
-6.46%

ISDEX price weighted
1,362.42
-113.48
-7.69%

NASDAQ
1,639.68
-46.73
-2.77%

DJIA
8,051.68
-114.31
-1.40%

blended market results
11,156.64
-281.62
-2.46%


  • AOL (NYSE:AOL) inks a deal for directory services with Infospace.com, the aggressive supplier of guides to several Web sites. Infospace filed to go public recently to raise $57 million. Loser in the deal is Banyan (NASDAQ:BNYN) which supplied AOL with its Switchboard directory. BNYN shares drop a third to $3 per share.

  • Privately-held XOOM files its IPO in an effort to raise $46 million. The direct marketing-selling community service provides Web space, chat, email and other free services to members. XOOM posted $2.9 million sales through June 30, more than 70% from ecommerce. It sells tools, clip art and direct sales items to its email and Web membership. Media Metrix survey showed XOOM as the second-fastest growing Web site this year.

  • CNET (NASDAQ:CNWK) gets a “strong buy” from BancAmerica Robertson Stephens based on its new computer and shopping area’s ability to generate sales. BARS has a $67.50 per share price target for CNWK and $0.11 EPS forecast for this year.


    Internet Investment Symposium ’98 @ Fall Internet World!

    Book now! New York City, Oct. 8-9 as Steve Harmon talks investments with some of the top names in the industry…top execs of GeoCities, CMG Info, DoubleClick, venture capitalists doing the $ billion deals, debuts hot startups at Startup Live!, and debates top stocks with the leading Internet stock analysts on Wall Street (Steve was one of them) selected by CBS MarketWatch!”

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