The week ends in trading with the specter of interest rates causing a selloff today as all the indices lose ground. ISDEX drops 1% to 550.79, with about 2/3rds of the 50-stock index losing value.
Broadcom (NASDAQ:BRCM) gains 7% to $107 as news of cheaper cable modems may translate into a wider-spread installed base sooner rather than later, combined with Morgan Stanley’s buy rating on shares of the broadband chip maker. Broadcom leads the market for DSL and cable modem boxes.
USWeb (NASDAQ:USWB) rises on a strong buy rating and $50 per share target from Dain Rauscher Wessels. I believe the integrated Web marketing/design firm (now with CKS merger complete) offers one of the early movers in building new business platforms, taking land-based enterprises and Web enabling them.
CDNow (NASDAQ:CDNW) climbs 7% to $19.75 per share as the music etailer focuses on extending its model into more than just selling music but being a music portal (news, info, etc). I like that approach and believe that etail in general must adapt to being more Web-centric. The days of being a one-product or one-genre effort without wrapping in selective services may be ending soon in my view. CDNow as the new Rolling Stone? Premature now to think about.
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