Yesterday, we found out that the seventh largest mutual fund complex, Janus Capital, has caught Internet religion. In filings with the SEC, Janus disclosed that it made purchases of $3.2 billion in Net stocks during the first seven months of 1999.
In the SEC filings, Janus Chairman Tom Bailey wrote a letter to shareholders, saying, “Without question, the Internet is changing the way companies do business, offering them new distribution channels, increasing their productivity and, in many cases, helping them gain a competitive edge.”
Internet stocks definitely had the competitive edge in the past week. ISDEX climbed 2.42% despite a fall-off yesterday.
Here’s a look at the numbers:
The Internet Stock Index
Open Market Inc.
Prodigy Comm Inc.
24/7 Media Inc.
Lycos (LCOS) reported earnings of one cent per share for the fourth quarter; Wall Street expected break-even. In all, the company had $605,000 in operating profits, compared to a loss of $703,000 a year ago. Further, revenues soared from $45.1 million from $19 million last year. Revenues should continue to grow strongly, as Lycos signed a $135 million e-commerce deal with WingspanBank.com.
Tickets.com. The move is an attempt to capture the fast-growing market for ticketing away from Ticketmaster Online CitySearch (TMCS). In the deal, Tickets.com agreed to pay [email protected] $25 million for integrating ticketing on the [email protected] portal site. The deal should help boost the chances for the upcoming Tickets.com IPO. Currently, Ticketmaster Online CitySearch is integrating with Lycos.
Microsoft (MSFT) is also good for StarMedia (STRM). This week, Microsoft announced that it is purchasing 27 percent of the No. 1 cable company in Brazil, Globo Cabo. This should help accelerate the Net in Latin America, which means more demand for portals. So far, StarMedia is the first-mover portal in the region. Also, StarMedia announced an exclusive deal with LatinGrocer, the leading online vendor of Hispanic foods.
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