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 | 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 | 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 | CKSG | $19.13 | -12% | -$2.50 | 35% |
CMG | CMGI | $70.63 | -18% | -$15.25 | 367% |
CyberCash | CYCH | $13.00 | -10% | -$1.50 | 2% |
Doubleclick | DCLK | $44.63 | -7% | -$3.38 | 163% |
Network | 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 | ATHM | $45.00 | -7% | -$3.56 | 79% |
America | 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 | OMKT | $15.63 | -13% | -$2.38 | 62% |
Open | OTEXF | $15.38 | -13% | -$2.38 | 15% |
RealNetworks | RNWK | $30.13 | -33% | -$14.88 | 117% |
Spyglass | SPYG | $11.75 | -1% | -$0.13 | 138% |
Versant | 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 | CHKPF | $23.25 | -11% | -$3.00 | -43% |
Cyberguard | CYBG | $9.00 | 14% | $1.13 | 60% |
Cylink | CYLK | $13.06 | 14% | $1.56 | 34% |
Network | NETA | $48.88 | -12% | -$6.88 | 85% |
Secure | SCUR | $12.69 | 34% | $3.25 | 7% |
Security | SDTI | $14.63 | -5% | -$0.81 | -59% |
Security | 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 | 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 | 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 | |||||
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.
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.
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?
