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Internet Stocks Climb On Positive News

Written By
Steve Harmon
Steve Harmon
Apr 23, 1999
2 minute read

ISDEX edges higher today in trading, up 3.46% to 603.95, slightly outpacing the Dow and NASDAQ indices on an overall market upswing. Buoying Internet stocks are the series of positive first-quarter related news from the segment that reverses the correction experienced late last week and early this week.

The snapshot:

  • Sprint (NASDAQ:FON) plans to sell 28 million shares it holds in AOL (NYSE:AOL) as the result for a warrant the phone giant has dating back to 1993. Unfortunately for Sprint it also signed a hedge in 1995 that capped its sale at $90 million for shares worth $4.3 billion on the open market today. Other AOL shareholders also plan on selling including Barry Diller, who’s USA Networks is in a bid for Lycos (NASDAQ:LCOS). Sprint’s hedge move was prudent in the interactive-TV hype days of 1995 but it must be smarting from having to leave so much on the table.
  • Beyond.com (NASDAQ:BYND) finally shows some of the promise I’ve been waiting for all year (and why it was on my hot list in January). BYND posts $18.8 million loss with sales of $19.1 million vs. $2.2 million loss on $6.2 million sales 1Q98. First Call shows target loss expected to be $0.74 per share. I’m waiting to see how Buydirect.com affects the tally here but my instincts say the acquisition was a smart move for Beyond.com.
  • Preview Travel (NASDAQ:PTVL) also comes in strong (again, one of my hot list picks). This is one I’ve been waiting to show promise, especially after the CEO quit a few months back. Revenue for first quarter jumps 140% to $5.6 million. Net loss for the quarter reaches $5.5 million vs. net loss of $4.7 million 1Q98.

    • Steve Harmon
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