ISDEX Off 13% In a Week: Buying Time Or Crying Time?

Wall Street knows all there is to know about bovine happenings. Bulls and
bovines are just two sides to the same burger, mad cows notwithstanding.
Hold the catsup.


Of course what some call a “correction” (a market downturn) others call a
buying opportunity. That means that the hype-heavy, flying-on-fumes
mentality that caused the sector to get ahead of itself may be waning or
gone. In April, for example, when ISDEX hit an all-time high, more than 100
million shares of these combined 50 firms traded hands in a single day.
Either that’s a lot of news causing moves or that’s ozone-depletion at its
very worst.


July 21 ISDEX combine shares hit north of 100 million shares traded also.
This was the day before the haircut hit, following a near-record high of
173. Then Fed chairman Alan Greenspan said something about froth again in
stocks and suddenly the glass is half full, not half empty. See for yourself:


















































































































































































































































































































































































































































































































































































































































































































































































































ISDEX (

28-Jul-98

% change

Point change

% change

The Internet Stock
Index

close

from

from

from

where Wall Street meets the Web

21-Jul-98

21-Jul-98

31-Dec-97

seen by more than 350,000 people globally

ISDEX Geometric Avg.

146.84

-12.7%

-21.37

47.0%

ISDEX Price Wtd.

1,628.94

-15.1%

-290.06

76.4%

NASDAQ

1,896.53

-4.2%

-82.61

20.8%

DJIA

8,934.78

-2.8%

-255.41

13.0%

CONTENT

CNET

CNWK

$56.38

-9%

-$5.75

91%

Mecklermedia

MECK

$23.38

3%

$0.75

-6%

NewsEdge

NEWZ

$9.13

-1%

-$0.13

-32%

Sportsline
USA

SPLN

$26.94

-26%

-$9.63

151%

WavePhore

WAVO

$11.69

-15%

-$2.00

25%

TOTAL

$127.50

-16.75

WEIGHTED AVERAGE

$25.50

-12%

-3.35

45%

ACCESS/SERVICES

Concentric

CNCX

$26.25

-26%

-$9.13

196%

Earthlink
Network

ELNK

$38.81

-5%

-$2.06

201%

Metricom

MCOM

$7.69

-19%

-$1.75

-20%

Mindspring

MSPG

$46.00

9%

$3.79

310%

PSINet

PSIX

$19.38

48%

$6.31

278%

TOTAL

138.13

-2.83

WEIGHTED AVERAGE

27.63

-2%

-0.57

190%

COMMERCE RETAILERS

Amazon.Com

AMZN

$118.94

-10%

-$13.13

295%

CDnow

CDNW

$16.38

-28%

-$6.38

2%

E*TRADE

EGRP

$27.13

-15%

-$4.88

18%

Egghead.com

EGGS

$18.56

-16%

-$3.44

186%

N2K

NTKI

$15.00

-26%

-$5.38

3%

Onsale

ONSL

$26.63

-2%

-$0.50

48%

TOTAL

222.63

-33.69

WEIGHTED AVERAGE

37.10

-13%

-5.61

106%

COMMERCE ENABLERS

CheckFree

CKFR

$24.75

-9%

-$2.31

-8%

CKS
Group

CKSG

$19.13

-12%

-$2.50

35%

CMG
Info

CMGI

$70.63

-18%

-$15.25

367%

CyberCash

CYCH

$13.00

-10%

-$1.50

2%

Doubleclick

DCLK

$44.63

-7%

-$3.38

163%

Network
Solutions

NSOL

$38.00

1%

$0.50

190%

USWeb

USWB

$20.75

-21%

-$5.63

121%

TOTAL

230.88

-30.06

WEIGHTED AVERAGE

32.98

-12%

-4.29

113%

NAVIGATION/AGGREGATORS

@Home
Network

ATHM

$45.00

-7%

-$3.56

79%

America
Online

AOL

$114.25

-12%

-$15.31

152%

Excite

XCIT

$41.00

-16%

-$7.75

173%

Infoseek

SEEK

$25.38

-21%

-$6.63

136%

Intuit

INTU

$53.06

-20%

-$13.44

29%

Lycos

LCOS

$60.25

-18%

-$12.88

46%

Yahoo!

YHOO

$183.25

-3%

-$5.75

165%

TOTAL

522.19

-65.31

WEIGHTED AVERAGE

74.60

-11%

-9.33

111%

SOFTWARE

Broadvision

BVSN

$22.00

-18%

-$4.75

238%

Netscape

NSCP

$30.00

-11%

-$3.69

23%

Open
Market

OMKT

$15.63

-13%

-$2.38

62%

Open
Text

OTEXF

$15.38

-13%

-$2.38

15%

RealNetworks

RNWK

$30.13

-33%

-$14.88

117%

Spyglass

SPYG

$11.75

-1%

-$0.13

138%

Versant
Object Technologies

VSNT

$3.88

-28%

-$1.50

-72%

TOTAL

128.75

-29.69

WEIGHTED AVERAGE

18.39

-19%

-4.24

49%

SECURITY

Axent

AXNT

$24.19

-22%

-$6.81

40%

CheckPoint
Software

CHKPF

$23.25

-11%

-$3.00

-43%

Cyberguard

CYBG

$9.00

14%

$1.13

60%

Cylink

CYLK

$13.06

14%

$1.56

34%

Network
Associates

NETA

$48.88

-12%

-$6.88

85%

Secure
Computing

SCUR

$12.69

34%

$3.25

7%

Security
Dynamics

SDTI

$14.63

-5%

-$0.81

-59%

Security
First Net Bank

SFNB

$21.63

-18%

-$4.75

198%

Verisign

VRSN

$35.63

-13%

-$5.13

154%

TOTAL

202.94

-21.44

WEIGHTED AVERAGE

22.55

-10%

-2.38

20%

IP COMMUNICATIONS

IDT
Corp

IDTC

$26.25

-8%

-$2.19

30%

VocalTec

VOCLF

$11.75

-11%

-$1.50

-43%

TOTAL

38.00

-3.69

WEIGHTED AVERAGE

19.00

-9%

-1.84

-7%

HIGH-SPEED SOLUTIONS

Broadband
Technologies

BBTK

$4.31

-13%

-$0.63

5%

PairGain

PAIR

$13.63

-10%

-$1.56

-30%

TOTAL

17.94

-2.19

WEIGHTED AVERAGE

8.97

-11%

-1.09

-24%

OVERALL TOTAL

3,524.59

-11%

-444.01

76%

SIMPLE AVERAGE

51.83

-11%

-6.53

76%

) 1998 Mecklermedia,
Internet.com


  • 98.07.27: Amazon.com (NASDAQ:AMZN) gets a “buy” rating from CS First
    Boston. Amazon may be on a holding pattern until music and video sales
    start coming in. It hasn’t begun until the Olestra lady sings.

  • 98.07.24: Infoseek (NASDAQ:SEEK) revenue doubles to more than $17.1
    million for second quarter. Loss narrower than expected, $0.04 vs. expected
    $0.07 loss per share. Web site traffic declines from 22.1 million to 20.3
    million June vs. March quarters because as Infoseek buys 15% of its traffic
    from Netscape vs. 35% before. SEEK drops to $29, off more than 7%.


    Much talk about PSINet (NASDAQ:PSIX) and Mindspring (NASDAQ:MSPG) being
    takeover targets. For the past four years we’ve believed larger telcos just
    cannot act fast enough, nor have the skill sets, to be in the Internet
    business on a consumer level.

  • 98.07.24: CNET (NASDAQ:CNWK) jumps 12% to $71.625 per share on
    expectations of revenue growth following its 2Q results. The tech-Internet
    firm posts. Some of the gain may have been on its $0.02 EPS. Those who
    delve deeper know that the earnings came from a $4.5 million gain from a
    partial sale of CNET’s stake in Vignette. Without that, see net?

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