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Internet Stocks Regain Some Favor

Written By
Steve Harmon
Steve Harmon
May 1, 1999
2 minute read

Investors trickle back into the Internet sector after a choppy week and day that saw ISDEX dip below 600 and then jump back above the waterline today, up 7.88 to 604.10. The index range today was 576.93 – 621.70, so you can see the volatility of the sector as the lack of drivers for the group waits to be known. Today’s snapshot:

  • CDNow (NASDAQ:CDNW) jumps 22% to $19.375 per share on rumor that the Web-based music e-tailer could be the target of a takeover by Time Warner or Bertelsmann. CDNow-N2K merged and together have one of the largest music selling operations on the Web.
  • Marimba (NASDAQ:MRBA) goes public with 4 million shares at $20, opens at $59, shoots up to $66.50 and closes at $60.75. The software management firm seems to have outlived the hype of push. My analysis indicates Marimba could generate more than $50 million sales in 2001. That yields an aggressive 20x multiple for its current market cap, although I suspect traders could push this one up further that today’s run.
  • Infospace.com (NASDAQ:INSP) rockets as it beats the Street with a $0.03 loss per share vs. the expected $0.17 loss per share. Revenue climbs 406% to $5.1 million.

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