NASDAQ Finds Legs, I Find Value Emerging | Internet News
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NASDAQ Finds Legs, I Find Value Emerging

Written By
Steve Harmon
Steve Harmon
Jun 9, 1999
2 minute read

These to me are actually the best kinds of markets because value appears everywhere. Unlike when the entire sector of Internet stocks rides euphoria, adrenaline or caffeine then value runs and hides. But when the market sorts and shakes as it does now then I (for one anyway) find it a refreshing chance to look for value.

See Morning Report for more. The market snapshot today:

  • Inktomi (NASDAQ:INKT) inks a deal with Germany’s MobilCom AG to supply the leading telecom firm search, shopping engines, as well as network cache software. INKT is one of those firms I think shows some value in its ability to sell its software to all comers from AOL to Yahoo. Software infrastructure plays may be getting hotter. There are only a few, including BackWeb (NASDAQ:BWEB), Marimba (NASDAQ:MRBA).
  • Yahoo (NASDAQ:YHOO) teams up with Fox in Latin America for cross marketing. Another move the two have made together. I still think StarMedia (NASDAQ:STRM) has a lead in the continent. A good win for Yahoo, though, in my view.
  • MP3.com (IPO pending) receives a $45 million investment from Cox Interactive for 10% of the firm. At that rate it values the digital music company at 7x what I believe MP3.com was valued at in January when Sequoia Capital and idealab invested in it. Cox and MP3.com plan on producing joint venture music sites.

    Cox has holdings in cable, newspapers, broadcast and Web. Is Cox the right fit for MP3.com? In many ways yes. Viacom would have perhaps made a better buyer, I see a natural fit between MTV and MP3.com. Of course there’s nothing stopping MTV.com from going for digital music downloads.

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    Steve Harmon
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