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Internet Market Close Report for 1999.02.23

Written By
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Steve Harmon
Steve Harmon
Feb 24, 1999

While the broad market stumbles on Alan Greenspan’s comments about valuations he couldn’t knock the wind out of either technology or Internet shares Tuesday.

The ISDEX gained 5 points Tuesday to close at 309.12. One fueling factor is the Robertson Stephens investment bank Internet conference being held in San Francisco. The more Internet firms tell their stories to the fund managers the more the managers begin to understand the Internet. Or at least begin to.

Also helping drive up Internet and tech stocks, last week’s selloff that perhaps discounted some of Greenspan’s bearish-bullish comments into the group. Today’s snapshot:




























 
23-Feb-99
point change
% change

ISDEX
309.12
5.04
1.66%

NASDAQ
2,376.35
34.34
1.47%

DJIA
9,544.42
-8.26
-0.09%

  • Disney (NYSE:DIS) makes a big to-do about its new Go.com Network at its annual shareholder meeting. We think that the venture with Infoseek (NASDAQ:SEEK) is gaining momentum. Now if those rumors about Steve Jobs taking over Disney’s top slot come true then it could get interesting quickly. Jobs founded Apple and Pixar (the digital animation firm that has deals with Disney). Jobs is probably a long shot to put on the mouse ears but you never know.
  • theStreet.com filed to go public, seeking to raise as much as $75 million. The financial news site generates revenue through subscriptions and ads. theStreet.com posted $4.6 million revenue in 1998, $1.686 million from subscriptions to its site. Loss for last year was $16.3 million. As of Feb. 17 the Web service, owned in part by financial “shock jock” Jim Cramer, had 37,000 subscribers. More in a future Internet Stock Report.

    Harmon’s HotWatch ’99 – the hottest analysis about Internet stocks delivered to your email box each month! Last year’s 10 to watch from Steve Harmon was up 300%. Will 1999 be a repeat? March issue out March 2, don’t miss it!More info click here

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    Steve Harmon

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