ISDEX Rides Market Moods Down Then Up

The wild mood swings today in the market first saw the ISDEX drop to the five and teens before gaining steam in a late-trading rally that pushes the bellwether index up 4% to 571.78.

It helps that the overall market rebounds slightly as the past few day’s of techno-phobia especially abate.

I think we could see continued optimism fueling these stocks on relative valuation basis primarily, given the recent string of selloffs that pushed values down to recent lows for some of the market leaders including AOL (NYSE:AOL), Yahoo (NASDAQ:YHOO), eBay (NASDAQ:EBAY) and Amazon (NASDAQ:AMZN).

  • CDNow (NASDAQ:CDNW) reports record first quarter ending March 31, up 122% to $36.3 Million on a pro forma merger basis (with N2K). Pro forma net loss is $1.28 per share. The music etailer boasts 2 million customers. Repeat customers are 60% of 1Q99 revenue, vs. 51% 1Q98.
  • NorthPoint (NASDAQ:NPNT), a DSL provider, sells 15 million shares at $24 in its IPO today. Underwriter is Goldman Sachs. Proceeds to go for expanding its presence nationwide in the U.S. NPNT closes at $40.25 and traded between $30 and $43 1/16 today.

    While not the huge triple digit runs of some Internet IPOs, this looks like a healthier aftermarket in my view.

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