Overall Softening But… ISDEX Finds Brand Stocks Rising

Since early February’s flirt with 377, it’s been a rollercoaster for ISDEX as the 50 stock index digests the mergers at the top and wonders what driving forces could emerge to move Internet stocks once again.

On March 2 ISDEX closed at 304.66, up 19% from February 3 but up nearly 4% the past week.

Against that backdrop was the Dow Industrials chugging sideways and the NASDAQ taking a hit thanks to DELL (or no thanks).



















































































































































































































































































































































































































































































ISDEX ®

 

02-Mar-99

% change

Point change

% change

The Internet Stock Index

 

close

from

from

from

www.isdex.com

 

 

23-Feb-99

23-Feb-99

31-Dec-98

 

 

 

 

 

 

ISDEX

 

304.66

-1.4%

-4.46

6.3%

NASDAQ

 

2,259.03

-4.9%

-117.32

3.0%

DJIA

 

9,297.61

-2.6%

-246.81

1.3%

 

 

 

 

 

 

@Home Network

ATHM

$115.56

6%

$6.50

56%

24/7 Media

TFSM

$25.69

-3%

-$0.81

-8%

Amazon.Com

AMZN

$121.31

5%

$6.13

13%

America Online

AOL

$86.69

-1%

-$1.31

12%

Axent

AXNT

$36.25

-1%

-$0.38

19%

Beyond.com

BYND

$26.13

-2%

-$0.56

26%

Broadcast.com

BCST

$90.00

15%

$11.50

135%

Broadcom

BRCM

$57.44

-10%

-$6.69

-5%

Broadvision

BVSN

$55.06

32%

$13.31

72%

CDnow

CDNW

$16.00

-6%

-$1.00

-11%

CheckPoint Software

CHKPF

$36.69

-9%

-$3.69

-20%

Cisco

CSCO

$95.69

-7%

-$7.25

3%

CMG Info

CMGI

$141.00

20%

$23.50

165%

CNET

CNET

$122.75

-1%

-$1.25

138%

Concentric

CNCX

$45.44

4%

$1.56

37%

CyberCash

CYCH

$12.81

-10%

-$1.38

-15%

Cyberian Outpost

COOL

$16.13

0%

-$0.06

-41%

Doubleclick

DCLK

$90.50

-7%

-$6.94

103%

E*TRADE

EGRP

$47.69

2%

$0.94

104%

Earthlink Network

ELNK

$62.00

-5%

-$3.00

9%

eBay

EBAY

$117.06

24%

$22.85

46%

Egghead.com

EGGS

$15.69

-10%

-$1.75

-25%

Excite

XCIT

$108.56

6%

$6.19

158%

Exodus

EXDS

$80.00

-3%

-$2.88

25%

GeoCities

GCTY

$97.38

-1%

-$0.50

190%

Go2Net

GNET

$62.13

16%

$8.63

251%

Infoseek

SEEK

$67.31

-6%

-$3.94

36%

Inktomi

INKT

$61.75

-6%

-$4.00

-5%

Infospace.com

INSP

$57.88

23%

$10.88

52%

ISS Group

ISSX

$58.44

-3%

-$1.56

6%

Lycos

LCOS

$90.75

-3%

-$3.25

63%

Mindspring

MSPG

$85.88

-7%

-$6.56

41%

N2K

NTKI

$12.63

-4%

-$0.50

-3%

Netscape

NSCP

$75.50

-2%

-$1.88

24%

Network Associates

NETA

$44.88

-8%

-$4.13

-32%

Network Solutions

NSOL

$169.00

3%

$4.50

29%

Onsale

ONSL

$34.06

-1%

-$0.44

-15%

Open Market

OMKT

$12.63

-5%

-$0.69

8%

Preview Travel

PTVL

$21.31

6%

$1.19

16%

PSINet

PSIX

$37.13

3%

$1.00

78%

RealNetworks

RNWK

$83.13

19%

$13.50

132%

Security Dynamics

SDTI

$16.88

-12%

-$2.25

-27%

Security First Technologies

SONE

$70.13

23%

$13.13

130%

Sportsline USA

SPLN

$50.50

18%

$7.75

224%

USWeb

USWB

$37.00

5%

$1.88

40%

Verio

VRIO

$31.00

11%

$3.00

39%

Verisign

VRSN

$95.44

-12%

-$13.06

61%

VocalTec

VOCLF

$12.25

3%

$0.38

9%

Xoom.com

XMCM

$52.88

5%

$2.38

60%

Yahoo!

YHOO

$153.19

0%

$0.31

29%

News behind the moves:

  • 99.03.02 – eBay (NASDAQ:EBAY) splits 2-for-1 today sending its shares up as investors may see its shares priced more favorably. While we like eBay’s service and revenue growth, we’re still not convinced the valuation makes sense at current levels. However, we’re also willing to concede that with only one mega-brand in this space eBay does enjoy some leverage that rivals do not.

    @Home (NASDAQ:ATHM) plans an Internet-via-TV service in the second quarter, causing ATHM shares to rise more than $7.25 to $109.125 per share. ATHM was one of our 1999 to watch and so far it’s been eye popping. ATHM up 7% today to $115 per share.

  • 99.03.01 – Amazon.com (NASDAQ:AMZN) realizes some return on its 46% stake in startup Drugstore.com. The online pharmacy inks a deal with Yahoo to provide its services to the popular portal.
  • 99.02.26 – AOL (NYSE:AOL) is a rumored (again) takeover candidate by AT&T (NYSE:T). With @Home-Excite coming under the phone giant’s wing, adding AOL would give it the meta-brand it needs to become a truly global powerhouse in bit carriage as that’s the business AT&T is in — carrying bits. The wires don’t matter, owning them does, as does having something to ship on them. If it happens, which seems unlikely at this point as this is more a merger of equals in our opinion, @Home and AOL would be powerful.
  • 99.02.25 – Media Metrix, which leads the market in Internet audience measurement, files for IPO and wants to raise $48.3 million. It is another in a long line of offers that continue to flow, following behind theStreet.com and iVillage, who also filed recently. More on these Friday in my analysis of IPOs.
  • 99.02.23 – theStreet.com filed to go public, seeking to raise as much as $75 million. The financial news site generates revenue through subscriptions and ads. theStreet.com posted $4.6 million revenue in 1998, with $1.686 million from subscriptions to its site. Loss for last year was $16.3 million. As of Feb. 17 the Web service, owned in part by financial “shock jock” Jim Cramer, had 37,000 subscribers.
  • 99.02.23 – Disney (NYSE:DIS) makes a big to-do about its new Go.com Network at its annual shareholder meeting. We think that the venture with Infoseek (NASDAQ:SEEK) is gaining momentum. Now if those rumors about Steve Jobs taking over Disney’s top slot come true, it could get interesting quickly. Jobs founded Apple and Pixar (the digital animation firm that has deals with Disney). Jobs is probably a long shot to put on the mouse ears but you never know.

    Note: As of March 1 we added 3 new stocks to ISDEX : Go2Net (NASDAQ:GNET), Infospace.com (NASDAQ:INSP) and Xoom.com (NASDAQ:XMCM).


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