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Internet Stocks Weighed Down By Earnings Worries

Written By

Mar 13, 1999

2 minute read

ISDEX takes a hit today on worry that earnings for the tech sector may not be as good as thought amid a general market softness as investors debate what a Dow pushing 10,000 means.

On the other side of earnings outlook comes profit taking for Internet stocks after a recent rally this past week. Today’s snapshot:

	12-Mar-99	point change	% change
ISDEX	472.66	-12.93	-2.66%
NASDAQ	2,381.53	-30.72	-1.09%
DJIA	9,876.35	-21.09	-0.21%

CMGI (NASDAQ:CMGI) shares fall 10% today to $164 on profit taking. The company reported earnings yesterday of $14.1 million, $0.30 EPS from the sale of Lycos, Amazon and GeoCities shares, for its fiscal second quarter ending January 31, 1999. excluding those gains losses are $0.40 per share, almost double the consensus of First Call.

The Internet venture and operating firm said in its conference call CMGI indicated it wasn’t looking at splitting its shares, which it just did in January.
I think CMGI stock is a proxy for the Internet industry due to its public and private holdings.

PSINet (NASDAQ:PSIX) gets a “buy” tout from Jefferies & Co. The stock has had a good run the past 52 weeks and is buying more ISPs globally. The question now is does PSINet sell and to whom for what?

DoubleClick (NASDAQ:DCLK) shares roar after announcing a 2-for-1 stock split, up 23% to $131 per share for the ad network.

HotWatch ’99 by Steve Harmon offers a monthly insight into the hottest stocks in the Internet, his top picks for 1999. Last year’s picks by Steve gained 312%. Each month a new report, delivered to you. click here for more info –

Steve Harmon

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