Internet Market Close Report for 1999.02.02

Tech stocks in general get a haircut and rate worries take some of the top off Internet stocks as profit taking zaps ISDEX for a 2.79% loss to 352.32. The selloff the past few days comes on the heels of ISDEX’ 22% run this year, about on pace to what we think it should be.

Early January spikes in ISDEX foreshadowed what we believe may be the market’s expectations for 1999 for the group but we were not comfortable seeing a 50% gain the first week of the year.

For the IPO market we continue to view it as open for Internet stocks with real stories to tell. Those with marketshare or mindshare going in the gate.

Today’s snapshot:



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  • eBay (NASDAQ:EBAY) expands its relationship with Netscape to promote eBay’s personal auctions on Netscape Netcenter. eBay lists more than 1.4 million items available for auction and is considered the world’s largest auctioneer.
  • PSINet (NASDAQ:PSIX) starts a wireless Internet access service with 128 Kbps capabilities in select cities. It plans on upgrading the service to 512 Kbps in 1999 and up to 2 megabits per second in 2000. PSI says it’s targeting some 200,000 businesses in its targeted areas.
  • Microsoft (NASDAQ:MSFT) and BET Holdings launch Urban Express, a search engine they say is aimed at the black and urban Internet sites. The future is vertical, so says we.
  • News Around the Web