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Internet Stocks Buck Market Softness

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Steve Harmon
Steve Harmon
Mar 23, 1999

The broad market takes a slight hit but ISDEX finds some upside as Internet stocks once again take the spotlight. Used to be industrials driving the market but investors sense the sea-change that’s occurring. Let me spell it out: Internet stocks are the market as the information economy is here and growing faster than any land-based effort can scale. That’s why IPOs in Internet stocks are hot while traditional IPOs are dead. Today’s snapshot:



























 
22-Mar-99
point change
% change

ISDEX
542.04
3.91
0.73%

NASDAQ
2,395.94
-25.33
-1.05%

DJIA
9,890.51
-13.04
-0.13%

  • Broadcast.com (NASDAQ:BCST) stock soars 37% to $116.50 per share as rumors that Yahoo (NASDAQ:YHOO) may acquire the multimedia portal surface. I think a deal with wither Yahoo or another large first-generation portal looks like a natural fit. One reason I put BCST on my watch list in March.
  • audiohighway.com (NASDAQ:AHWY) inks a deal with Microsoft to provide audio content links to Microsoft’s new Web events area, sending AHWY shares up 17% to $12.75 per share on the news.
  • Doubleclick (NASDAQ:DCLK) shares rally on its agreement to provide Comcast (NASDAQ:CMCSA) with advertising solutions. Comcast agreed to acquire MediaOne for $60 billion in stock, debt and preferred. MediaOne shareholders will receive 1.1 shares of Comcast class A stock. Based on Comcast’s closing price Friday of $70.13 that’s $80.16 per share in this stock and debt deal. Indirectly, I like the way this benefits Doubleclick. As I mentioned in analysis before, I think two or three ad solutions firms could emerge here as winners in the cross platform space.

    correction: Netegrity (NASDAQ:NETE) owns, develops and markets SiteMinder. Not Netgravity, as mentioned in Friday’s report.

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    Steve Harmon

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