When the market moves in mysterious ways it’s important to keep the spotlight on performance. Yesterday we highlighted the drop from top and today I back out for a weekly review of where ISDEX is now vs. then. Off 10.6% is the short answer.
Even after April 20’s buying binge in a majority of the 50 stocks here and the sector at large the 10.6% weekly softening gives us context for two things: 1) how much risk investors are willing to be exposed to vs. April 15 and 2) individual stocks in the group that have lost the most since then.
The former drives some valuation while the latter provides a benchmark for how much expectation investors may be willing to allocate any one of these stocks again. Let’s let the numbers show the shakeout:
ISDEX April 15 – April 20
ISDEX ® | 20-Apr-99 | % change | Point change | % change | |
|---|---|---|---|---|---|
The Internet Stock Index | close | from | from | from | |
www.isdex.com | 15-Apr-99 | 15-Apr-99 | 31-Dec-98 | ||
or 1999 IPO | |||||
ISDEX | 539.01 | -10.6% | -63.98 | 88.0% | |
NASDAQ | 2,409.64 | -4.4% | -112.13 | 9.9% | |
DJIA | 10,448.55 | -0.1% | -14.17 | 13.8% | |
@Home Network | ATHM | $132.75 | -13% | -$19.75 | 79% |
24/7 Media | TFSM | $44.00 | -12% | -$5.81 | 57% |
Amazon.Com | AMZN | $172.00 | 3% | $4.75 | 61% |
America Online | AOL | $128.69 | -11% | -$15.19 | 66% |
Axent | AXNT | $8.94 | -12% | -$1.19 | -71% |
Beyond.com | BYND | $27.06 | -15% | -$4.94 | 30% |
Broadcast.com | BCST | $121.50 | -14% | -$19.00 | 218% |
Broadcom | BRCM | $64.38 | -2% | -$1.13 | 7% |
Broadvision | BVSN | $49.00 | -5% | -$2.38 | 53% |
CDnow | CDNW | $14.44 | -9% | -$1.50 | -20% |
CheckPoint Software | CHKPF | $34.13 | 6% | $2.06 | -26% |
Cisco | CSCO | $101.56 | -8% | -$8.75 | 9% |
CMG Info | CMGI | $206.00 | -25% | -$70.25 | 287% |
CNET | CNET | $105.50 | -17% | -$21.63 | 310% |
Concentric | CNCX | $73.13 | -17% | -$14.88 | 120% |
CyberCash | CYCH | $17.81 | -13% | -$2.63 | 19% |
Cyberian Outpost | COOL | $14.06 | -15% | -$2.44 | -49% |
Doubleclick | DCLK | $128.19 | 0% | $0.31 | 476% |
E*TRADE | EGRP | $89.81 | -11% | -$11.63 | 284% |
Earthlink Network | ELNK | $65.25 | -11% | -$7.75 | 14% |
eBay | EBAY | $162.50 | -9% | -$16.38 | 102% |
Egghead.com | EGGS | $14.25 | -9% | -$1.38 | -32% |
Excite | XCIT | $129.50 | -12% | -$17.44 | 208% |
Exodus | EXDS | $74.00 | 7% | $4.75 | 130% |
GeoCities | GCTY | $112.75 | -12% | -$15.25 | 235% |
Go2Net | GNET | $148.13 | -6% | -$9.75 | 737% |
Infoseek | SEEK | $50.56 | -22% | -$14.06 | 2% |
Infospace.com | INSP | $115.00 | -4% | -$4.19 | 202% |
Inktomi | INKT | $92.44 | -24% | -$28.44 | 43% |
ISS Group | ISSX | $44.00 | -15% | -$8.00 | -20% |
iVillage | IVIL | $80.00 | -24% | -$24.88 | 233% |
Lycos | LCOS | $73.88 | -22% | -$20.69 | 33% |
Mindspring | MSPG | $86.25 | -16% | -$16.50 | 41% |
Network Associates | NETA | $11.06 | -27% | -$4.19 | -83% |
Network Solutions | NSOL | $60.00 | -36% | -$33.50 | -8% |
Onsale | ONSL | $24.00 | -32% | -$11.06 | -40% |
Open Market | OMKT | $13.06 | -13% | -$1.94 | 12% |
Preview Travel | PTVL | $20.75 | 2% | $0.38 | 13% |
Prodigy | PRGY | $29.06 | -18% | -$6.44 | 94% |
PSINet | PSIX | $48.81 | -11% | -$5.88 | 134% |
RealNetworks | RNWK | $181.06 | 1% | $1.06 | 405% |
Security Dynamics | SDTI | $17.63 | 7% | $1.13 | -23% |
Security First Technologies | SONE | $101.13 | -12% | -$13.88 | 232% |
Sportsline USA | SPLN | $43.63 | -17% | -$9.13 | 180% |
USWeb | USWB | $25.38 | -6% | -$1.69 | -4% |
Verio | VRIO | $58.75 | -10% | -$6.25 | 163% |
Verisign | VRSN | $112.50 | -28% | -$44.06 | 90% |
VocalTec | VOCLF | $10.06 | -7% | -$0.81 | -11% |
Xoom.com | XMCM | $70.25 | -14% | -$11.75 | 113% |
Yahoo! | YHOO | $171.00 | -12% | -$23.63 | 44% |
(c) 1999 internet.com
Of the above that have taken a beating it’s the ones that are off more than 20% the past week that some attention should perhaps be paid to. Some news behind the moves:
- 99.04.20 – Lycos (NASDAQ:LCOS) for the first time ever beat Yahoo in number of unique monthly users according to online survey firm Media Metrix, 31.9 million in April vs. Yahoo’s 31.3 million. That puts Lycos (through its Tripod, Angelfire, Wired Digital and Lycos search guide properties) at more than 50% Internet reach.
- 99.04.19 – Too many Internet initial public offerings finding too few buyers. More than 100 Internet stock offers have or are scheduled to ooze through the IPO pipe–too many offers, too many “.coms.” Investors pushed up new offers on zeal but the caffeine and enthusiasm had to wear off, it always does.
- 99.04.18 – Amazon.com (NASDAQ:AMZN) finds believers in its embracing of the auction space, prompting DLJ to set a $280 per share target. I think the lineup of Web stocks is AOL (NYSE:AOL), Yahoo (NASDAQ:YHOO), Amazon (NASDAQ:AMZN). So you can see who Amazon needs to beat if all these converge in the same space soon. I believe Amazon needs traffic though, more users, a community site, to match its book, music and movie fans with their own home pages.
- 99.04.16 – RealNetworks (NASDAQ:RNWK) agrees to acquire Xing for $75 million stock. Those asleep at the wheel pushed down RNWK shares over the last two trading sessions since the news despite Xing jumpstarting Real in the white-hot MP3 market with Xing’s core compentency. Update: April 20 RNWK announces a 2-for-1 stock split which sends the stock soaring 41% tp $181.0625 per share.
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