A healthy pullback in Internet stocks Tuesday took some of the tops off
ISDEX stocks, even as better-than-expected earnings are released. We think
the next few weeks could establish the groundwork for Internet companies
posting positive earnings this year – using the fourth quarter as a proxy to
what may lie ahead.
Fourth-quarter revenue, earnings, page views and
customer sales accounts are coming from everyone, providing the key
metrics for evaluating Internet companies (look for Harmon’s Internet Stock
Toolbox soon in this column, a reprise of the ratios we use to look at
Internet stocks). For now let’s see how the 50 ISDEX stocks performed vs.
each other and vs. the Dow and NASDAQ, in these first few breaths of
1999:
ISDEX ® | 12-Jan-99 | % change | Point change | % change | |
The Internet Stock Index | close | from | from | from | |
www.isdex.com | 05-Jan-99 | 05-Jan-99 | 31-Dec-98 | ||
ISDEX | 368.97 | 33.4% | 92.39 | 28.7% | |
NASDAQ | 2,320.75 | 2.8% | 63.48 | 5.8% | |
DJIA | 9,474.68 | 1.8% | 163.49 | 3.2% | |
Broadcast.com | BCST | $223.00 | 177% | $142.38 | 192% |
GeoCities | GCTY | $78.38 | 129% | $44.13 | 133% |
CMGI | CMGI | $130.75 | 117% | $70.39 | 146% |
Doubleclick | DCLK | $100.94 | 114% | $53.88 | 127% |
Lycos | LCOS | $104.50 | 100% | $52.13 | 88% |
E*TRADE | EGRP | $100.94 | 87% | $46.88 | 116% |
Infoseek | SEEK | $84.19 | 80% | $37.31 | 71% |
Excite | XCIT | $75.13 | 79% | $33.06 | 79% |
Sportsline USA | SPLN | $29.88 | 76% | $12.88 | 92% |
Beyond.com | BYND | $37.00 | 62% | $14.13 | 78% |
CNET | CNET | $76.25 | 58% | $27.88 | 48% |
Yahoo! | YHOO | $402.00 | 56% | $144.13 | 70% |
24/7 Media | TFSM | $40.75 | 55% | $14.50 | 46% |
RealNetworks | RNWK | $56.69 | 54% | $19.94 | 58% |
Cyberian Outpost | COOL | $38.94 | 53% | $13.44 | 42% |
Mindspring | MSPG | $96.13 | 44% | $29.56 | 57% |
CyberCash | CYCH | $22.63 | 43% | $6.81 | 51% |
Onsale | ONSL | $54.88 | 34% | $13.88 | 37% |
N2K | NTKI | $16.75 | 33% | $4.13 | 28% |
Verio | VRIO | $29.94 | 32% | $7.19 | 34% |
Amazon.Com | AMZN | $163.38 | 31% | $38.88 | 53% |
PSINet | PSIX | $29.13 | 27% | $6.13 | 40% |
Spyglass | SPYG | $19.00 | 25% | $3.81 | -14% |
Security Dynamics | SDTI | $28.44 | 25% | $5.63 | 24% |
@Home Network | ATHM | $100.00 | 25% | $19.75 | 35% |
Earthlink Network | ELNK | $81.75 | 25% | $16.13 | 43% |
Exodus | EXDS | $75.00 | 24% | $14.75 | 17% |
CDnow | CDNW | $22.50 | 23% | $4.25 | 25% |
USWeb | USWB | $29.50 | 23% | $5.44 | 12% |
Network Solutions | NSOL | $189.00 | 22% | $34.00 | 44% |
Open Market | OMKT | $14.69 | 22% | $2.63 | 26% |
Axent | AXNT | $35.38 | 20% | $5.88 | 16% |
Egghead.com | EGGS | $24.69 | 20% | $4.06 | 19% |
Inktomi | INKT | $164.63 | 18% | $25.50 | 27% |
Security First Technologies | SONE | $35.13 | 16% | $4.88 | 15% |
Concentric | CNCX | $37.88 | 16% | $5.13 | 14% |
CheckPoint Software | CHKPF | $49.88 | 11% | $4.81 | 9% |
ISS Group | ISSX | $62.00 | 10% | $5.63 | 13% |
eBay | EBAY | $240.50 | 7% | $16.50 | 0% |
Verisign | VRSN | $67.50 | 6% | $4.00 | 14% |
Open Text | OTEXF | $27.25 | 6% | $1.56 | 12% |
America Online | AOL | $153.63 | 5% | $6.69 | -1% |
Broadcom | BRCM | $138.00 | 4% | $4.75 | 14% |
IDT Corp | IDTC | $15.38 | 3% | $0.50 | 0% |
Netscape | NSCP | $64.50 | 2% | $1.31 | 6% |
Cisco | CSCO | $98.13 | 1% | $1.19 | 6% |
VocalTec | VOCLF | $13.88 | 0% | $0.06 | 23% |
CKS Group | CKSG | $35.00 | 0% | $0.00 | 0% |
Broadvision | BVSN | $30.50 | -6% | -$2.00 | -5% |
Network Associates | NETA | $54.59 | -9% | -$5.34 | -18% |
with pro forma net income of $25 million or 21 cents per diluted share, not
counting acquisition charges. Net revenues for the year ending 1998 were
$203 million or about triple 1997 results. Pro forma net income for fiscal
1998 was $49.9 million or 45 cents per diluted share. 167 million page views
per day vs. 144 million page views per day in September 1998. Yahoo! has 35
million unique registrations across its services (our translation: these
registered users represent an e-tail and e-commerce database to sell into).
Sets 2-for-1 stock split.
per share the past two days on the official launch of the Go.com site, done
in partnership with Disney (NYSE:DIS). Also helping, Disney chief Michael
Eisner touting the Web efforts saying the “next 50 million” people on the
Web matter more than early adopters. Disney’s 43 percent stake in SEEK and
commitment here may trigger rival media giants to also finally recognize
the Web as central to their futures.
million vs. $5.38 million 4Q97. Year results for 1998 are $36.65 million
vs. $16.8 million year prior. Full-year loss is $31 million vs. loss of
$5.35 million for 1997.
to “neutral” from “outperform.”
57 percent from the third quarter. The cable Internet firm also adjusts
accounting for non-cash charges to recognize as long-term asset.
