Stocks Drop On More Rate Fear

Investors slam all the boards today as concerns of a possible Federal Reserve rate hike loom over the entire array of stocks, with technology and Internet stocks hit hardest. The tally: NASDAQ down 2.6% to 2453.66 and ISDEX off 7.3% to 510.55. The entire basket of 50 stocks here falls in what I think looks like an indiscriminate sector haircut.

See tomorrow’s Morning Report for my analysis on what the market downturn means, what caused it, and an outlook for the second half of 1999.

  • DoubleClick (NASDAQ:DCLK) launches a shopping service using InfoSpace’s (NASDAQ:INSP) ActiveShopper, an aggregation of millions of products and services from over 2,500 merchants. This sort of service to me provides a pre-cursor to the shopping experience of tomorrow but isn’t it. Nobody has time to filter through products from 2,500 merchants. Filter it for me and then the value will be there.
  • Network Solutions (NASDAQ:NSOL) names former Thomson Corp exec James Rutt as its new CEO. He was CTO at the large media firm. NSOL is one of those stocks that has taken a pounding as domain registration opens up to rivals. I believe Network Solutions has some leverage in its domain database if it would successfully extract that value into services that domain registrants want.

    It would seem a natural but I haven’t seen any evidence of Network Solutions getting “it.”

    I suppose that’s what happens when a company inherits a business from the government as NetSol did. Now it must learn to compete, something that it hasn’t had to do.

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