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Internet Stocks Soar With Overall Market

Written By
Steve Harmon
Steve Harmon
Apr 6, 1999
2 minute read

ISDEX shoots to a record high and record close as Internet firms announce deals that lead Wall Street to new highs across the board. Value hunters also begin to believe in the hypothesis that community sites with large traffic and users may represent the next candidates in the consolidation parade. Today’s snapshot:




























 
05-Mar-99
point change
% change

ISDEX
600.87
43.12
7.73%

NASDAQ
2,560.06
66.69
2.67%

DJIA
10,007.33
174.82
1.78%

  • Yahoo (NASDAQ:YHOO) shares gain 22% to $219.125 per share as the portal network inks a deal with startup Online Anywhere to bring Yahoo Everywhere to non-Web platforms such as PDAs. Yahoo’s move signals the built-in leverage it has with its reach in a multiplier effect with acquisitions GeoCities and Broadcast.com. It also shows the cross-platform ability some Web brands have to move into information and communications mediums in general. I recall in January when many observers thought a media firm would acquire Yahoo that I posited that Yahoo may acquire a media firm.
  • AOL (NYSE:AOL) agrees to acquire When.com, a Web-based calendar service. Sites are getting stickier but AOL is late to this game. However, AOL has considerable distribution and marketing to make the calendar successful. One reason why I think AOL could be the stock to beat in the Internet. Yahoo a close second. Amazon a close third. AOL was also rumored to be looking to acquire TV network CBS. A good move as media becomes borderless.
  • Amazon.com (NASDAQ:AMZN) and Wal-Mart settle a lawsuit that Wal-Mart filed against Amazon claiming it hired key Wal-Mart tech wizards who built Wal-Mart’s advanced real-time computer inventory network. Amazon said it would re-assign some of the former Wal-Marters in different positions than the jobs they held at Wal-Mart. Amazon will also return information the execs brought with them. I think that’s easier said than done: basically it’s their brain power that Amazon has, how do you return that? How do you switch off brilliance?
    •
    Steve Harmon
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