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Internet Stocks End Week Off

Written By
Steve Harmon
Steve Harmon
May 22, 1999
2 minute read

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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