Upward Drift Continues

Far be it from me to prematurely declare a rally in progress,
but I couldn’t help noticing that, after an August of solid
gains, Internet stocks continue to rise through the first week
of trading in September. On a percentage basis, evidence of a
rally is clear: 60% of Internet stocks are up in the past
month. Given the beating ‘Net tickers have been taking since
March, this northward trend is welcome indeed. However, before
we veer toward irrational (or even sober) exuberance, it is
my duty to point out that sector gains over the past two weeks
have been, for the most part, rather slight. One bad week alone
could undue the past three weeks of advances. Worse, the
top-performing sector – and the only one to post consecutive
double-digit gains – in the past two weeks has been the
E-tailers. Maybe it’s just me, but it’s hard to get overly
enthused when the walking dead are leading the charge. Here’s
some perspective: The closing stock prices of the top five
gainers this week add up to $8.64.

*Market Cap figure is in millions unless otherwise noted.

PERFORMANCE BY SECTOR
                         Ave. 7-Day
                          % Change

E-tailers                   +13.4%
Search/Portals               +8.1%
Content/Communities          +5.1%
Financial Services           +3.7%
Performance Software         +3.3%
Internet Services            +2.6%
Wireless                     +2.2%
Security                     +1.9%
ISPs/Access Providers        +1.8%
E-commerce Enablers          +1.2%
Speed/Bandwidth              +1.1%
Advertising/Marketing        -3.9%
Consultants/Designers       -11.3%


TOP 10 GAINERS           7-Day % Gain        Category

BYND   Beyond.com            71.0%           E-tailers
KOOP   drkoop.com            68.6%           Content/Communities
HITS   Musicmaker.com        57.1%           E-tailers
EMUS   EMusic.com            56.0%           E-tailers
BGST   BigStar               50.0%           E-tailers
BUYX   BUY.COM               48.8%           E-tailers
IASIA  Asiacontent.com       46.7%           Content/Communities
NEOF   Neoforma.com          46.4%           E-Commerce Enabler
VSHP   VitaminShoppe.com     45.5%           E-tailers
STRM   StarMedia             43.5%           Search/Portals

TOP 10 LOSERS            7-Day % Loss        Category

VIAN   Viant                -44.0%           Consultants/Designers
IIXL   iXL Enterprises      -36.2%           Consultants/Designers
OGNC   Organic              -28.6%           Consultants/Designers
TANN   Tanning Tech.        -27.2%           E-Commerce Enablers
SCNT   Scient               -26.4%           Consultants/Designers
USIT   U.S. Interactive     -26.1%           E-Commerce Enablers
XCAR   XCare.net            -25.6%           E-Commerce Enablers
PASW   PASW                 -24.4%           Performance Software
RCOM   Register.com         -22.3%           Internet Services
IZAP   ZapME!               -22.0%           ISPs/Access Providers

********************************************************************



                            WIRELESS PRODUCTS/SERVICES

                       9/6    7-Day   7-Day  1-Month   YTD   Market
      Company        $Close  $Change %Change %Change          Cap

PRTH   Parthus Tech.   51.75   10.75   26.2%   84.8%    N/A     2.7B
IWAV   interWAVE       12.63    1.50   13.5%    1.0%    N/A   587.8
GWRX   Geoworks        12.25    1.19   10.7%    4.3%  -28.0%  265.2
INSP   InfoSpace       40.06    3.44    9.4%   27.7%  -26.3%    9.4B
PHCM   Phone.com       94.44    7.88    9.1%    3.6%  -19.8%    7.8B
MCOM   Metricom        38.50   -0.38   -1.0%   12.6%  -51.8%    1.2B
PALM   Palm            41.44   -0.50   -1.2%   10.1%    N/A    23.4B
AETH   Aether Systems 137.38   -2.38   -1.7%    1.0%   88.9%    5.3B
GOAM   GoAmerica       11.06   -0.38   -3.3%   26.4%    N/A   568.4
PUMA   Puma Technology 24.63   -0.88   -3.4

%   28.3%  -62.9%    1.0B
SVNX   724 Solutions   45.13   -1.75   -3.7%   51.4%    N/A     1.6B
VYYO   Vyyo            31.25   -1.75   -5.3%   19.0%    N/A     1.1B
IIIM   i3 Mobile        8.38   -0.50   -5.6%   -6.9%    N/A   191.0
HAND   Handspring      30.13   -4.25  -12.4%  -14.7%    N/A     3.8B
-------------------------------------------------------------------
      Wireless Ave.                   +2.2%

This sector gains for the week, even though most of its members
lose ground. The top slot goes to Parthus Technologies, which climbs
on the launch of its NavStream global positioning system platform
for mobile ‘Net devices. PRTH retains (and widens) its lead in the
group for the past month. The leading ‘Net stock through the first
half of the year, Aether Systems in past weeks has been treading
water.

                               SEARCH/PORTALS

                       9/6    7-Day   7-Day  1-Month   YTD   Market
      Company        $Close  $Change %Change %Change          Cap

STRM   StarMedia       11.44    3.47   43.5%  -12.9%  -71.9%  752.8
GOTO   GoTo.com        22.13    4.63   26.4%   51.9%  -62.9%    1.2B
CHINA  Chinadotcom     17.94    2.44   15.7%   10.4%  -55.1%    1.6B
SINA   SINA.com        22.63    1.75    8.4%   21.1%    N/A   920.5
SOHU   Sohu.com         6.94    0.50    7.8%   22.0%    N/A   216.6
AOLA   AOL/Latin Am.    8.38    0.50    6.3%    N/A     N/A     2.2B
BOUT   About.com       40.19    2.17    5.7%   37.9%  -55.9%  725.5
DIG    Disney-Internet 15.44    0.38    2.5%   22.3%  -36.0%    2.4B
LCOS   Lycos           71.81    1.69    2.4%   25.7%  -11.1%    7.9B
ASKJ   Ask Jeeves      28.38    0.38    1.3%   49.8%  -75.3%    1.0B
LOOK   LookSmart       16.75   -0.06   -0.4%   -1.1%  -38.9%    1.5B
AOL    America Online  56.00   -3.13   -5.3%    5.9%  -27.2%  128.7B
YHOO   Yahoo!         112.06  -11.19   -9.1%  -15.5%  -49.0%  61.6B
-------------------------------------------------------------------
      Search/Portals Ave.             +8.1%


It will take a few more weeks like this for Latin American portal
StarMedia Networks to climb out of its year-to-date hole of 72%,
but at least that number sounds a lot better than the 81% YTD
deficit STRM was facing through last week. This week’s climb is due
to rumors that Mexico’s Grupo Televisa SA may buy a stake in the
portal player. For as long as I can remember, Yahoo has had the
third-largest market cap of all ‘Net stocks, trailing only
Cisco Systems and AOL. Now, thanks to this week’s sector-worst
decline of 9.1% Yahoo drops to No. 4, surpassed by bandwidth player
Juniper Networks, valued at $66.1 billion. Look for hot high-speed
chipmaker Broadcom to challenge Yahoo next. After gaining Thursday
while YHOO was falling, BRCM now has a market cap of $53 billion,
versus Yahoo’s $58.7 billion. I see more downside for Yahoo; it
was overvalued to begin with, and market concerns about a decline
in advertising revenue, which triggered YHOO’s slump this week,
aren’t going away.

                              CONTENT/COMMUNITIES

                        9/6   7-Day   7-Day  1-Month   YTD   Market
      Company         $Close $Change %Change %Change          Cap

KOOP   drkoop.com        2.27   0.92   68.6%  178.7%  -81.2%   78.7
IASIA  Asiacontent.com   4.13   1.31   46.7%   40.4%    N/A   141.6
VDAT   Visual Data       4.75   1.38   40.7%   72.7%  -59.3%   39.9
HSTM   HealthStream      2.75   0.63   29.4%    7.3%    N/A    55.0
HGAT   HealthGate        1.56   0.31   25.0%   25.0%    N/A    27.9
TPN    TownPagesNet      2.00   0.37   22.7%   -3.1%  -61.6%   19.2
DTHK   DigitalThink     38.44   6.06   18.7%   -2.4%    N/A     1.3B
MLTX   Multex.com       23.69   3.56   17.7%    7.1%  -38.0%  719.8
PASA   quepasa.com       1.16   0.16   15.6%   23.2%  -91.0%   21.6
TCTY   Talk City         1.63   0.19   13.0%   18.2%  -93.

9%   40.6
NBCI   NBC Internet     10.75   1.06   11.0%    3.0%  -86.3%  672.2
GNET   Go2Net           72.25   6.75   10.3%   30.0%  -18.2%    2.3B
EDGR   EDGAR Online      5.25   0.38    7.7%   35.5%  -29.9%   65.4
STAD   Student Advantage 8.50   0.50    6.3%   -5.6%  -62.3%  307.0
TGLO   theglobe.com      1.44   0.06    4.5%    2.3%  -83.1%   44.6
WOMN   Women.com         3.25   0.13    4.0%  -14.8%  -77.5%  152.1
SALN   Salon.com         2.00   0.06    3.2%    N/A   -60.6%   27.7
IMPV   ImproveNet        2.06   0.06    3.1%   17.9%    N/A    34.5
MKTW   MarketWatch.com  11.88   0.31    2.7%  -17.4%  -68.0%  195.0
LOIS   Loislaw.com       7.88   0.13    1.6%   -7.0%  -80.2%  165.7
TURF   iTurf             1.70   0.02    0.9%  -47.6%  -86.5%   36.0
SPLN   SportsLine.com   18.06   0.00    0.0%   -1.7%  -64.5%  477.1
TSCM   TheStreet.com     8.50   0.00    0.0%   38.8%  -56.4%  227.9
SNOW   Snowball.com      2.63  -0.03   -1.2%   -8.7%    N/A    98.4
IVIL   iVillage          6.94  -0.13   -1.8%    7.8%  -66.3%  206.1
LAUN   Launch Media      7.13  -0.19   -2.6%   16.3%  -63.0%   96.6
SWBD   Switchboard       8.56  -0.25   -2.8%    9.2%    N/A   211.1
NETR   NetRadio          1.75  -0.06   -3.4%   -6.7%  -79.1%   17.5
INFO   Infonautics       3.25  -0.13   -3.7%  -19.4%  -54.3%   39.7
INTM   internet.com     28.69  -1.19   -4.0%   37.8%  -45.9%  719.9
QKKA   Quokka Sports     6.56  -0.31   -4.5%   -2.8%  -50.8%  304.1
ONES   OneSource        10.88  -0.56   -4.9%    3.6%  -20.3%  127.1
ILIF   ilife.com         1.78  -0.09   -5.0%   18.7%  -61.0%   24.9
SCRM   ScreamingMedia   11.19  -0.63   -5.3%   -7.7%    N/A   418.7
EWBX   EarthWeb         12.19  -0.75   -5.8%  -13.7%  -76.1%  126.8
VERT   VerticalNet      52.75  -3.38   -6.0%   19.5%  -36.7%    4.5B
HOMS   Homestore.com    50.75  -3.25   -6.0%   43.0%  -32.7%    4.2B
HOOV   Hoover's          6.69  -0.44   -6.1%    N/A   -24.7%   87.1
HCEN   HealthCentral.com 3.94  -0.28   -6.7%   21.2%  -47.0%  177.8
MPPP   MP3.com           7.88  -0.56   -6.7%   -4.5%  -75.5%  537.0
KNOT   Knot              3.13  -0.38  -10.7%  -15.3%  -63.5%   45.7
ZDZ    ZDNet            17.50  -2.75  -13.6%   15.9%  -17.9%    1.3B
CNET   CNET Networks    29.91  -4.72  -13.6%   14.2%  -48.1%    2.6B
ARTD   Artistdirect      2.28  -0.41  -15.1%  -29.1%    N/A    84.1
--------------------------------------------------------------------
      Content/Comm. Ave.              +5.1%

If someone wants to get excited that drkoop.com leads all ‘Net stocks
for the week and the month, nearly tripling in price, be my guest.
The upward move is due to a combination of the company slashing
one-third of its workforce in a desperate bid to stay alive, and an
investment of $27.5 million by a group of investors. In return,
the group gets 19.7% of an almost-dead Web company. Yeah, there’s a
new management team, but it’s too late. Of course, compared to
HealthGate Data, KOOP is looking positively Olympian. Since going
public in late January, HGAT is down 87% and has a market cap of
$27.9 million.

                                 E-TAILERS

                        9/6   7-Day   7-Day  1-Month   YTD   Market
     Company          $Close $Change %Change %Change          Cap

BYND  Beyond.com         1.66   0.69   71.0%   60.6%   -79.1%   63.0
HITS  musicmaker.com     1.38   0.50   57.1%   37.5%   -77.0%   45.6
EMUS  EMusic.com         2.44   0.88   56.0%   36.9%   -76.6%  104.5
BGST  BigStar            0.89   0.30   50.0%   23.9%   -88.7%    9.0
BUYX  BUY.COM            4.00   1.31   48.8%   30.6%    N/A    524.7
VSHP  VitaminShoppe.com  1.50   0.47   45.5%   41.1%   -83.8%   30.5
COOL  Cyberian Outpost   4.75   1.31   38.2%   18.8%   -52.9%  135.3
ETYS  eToys              6.38   1.63   34.2%   58.1%   -76.1%  777.8
ASFD  Ashford.com        3.50   0.63   21.7%   19.1%   -68.7%  158.4
INSW  InsWeb             2.50   0.44   21.2%  

 59.9%   -90.4%   88.0
ADBL  Audible            2.25   0.38   20.0%   16.1%   -85.2%   62.0
BNBN  barnesandnoble.com 4.50   0.72   19.0%    N/A    -68.8%  657.7
SQST  SciQuest.com      10.94   1.56   16.7%   17.4%   -86.5%  317.2
EGGS  Egghead.com        3.13   0.44   16.3%   35.1%   -81.0%  132.3
BFLY  Bluefly            3.69   0.50   15.7%   43.9%   -64.8%   18.2
FASH  Fashionmall.com    2.44   0.31   14.6%   25.8%   -45.9%   18.3
EFTD  FTD.COM            2.56   0.31   13.9%   17.1%   -51.9%  124.7
ROOM  Hotel Network     37.88   3.75   11.0%   17.9%     N/A     2.1B
EBKR  Ebookers.com       6.88   0.63   10.0%  -25.7%   -60.9%  117.0
SFTY  eSAFETYWORLD       1.75   0.13    7.7%   -9.7%     N/A     5.3
EBAY  eBay              65.63   4.56    7.5%   31.4%     3.2%   17.6B
LMIN  Lastminute.com    13.13   0.88    7.1%   11.7%     N/A   394.6
AMZN  Amazon.com        45.88   2.94    6.8%   48.6%   -40.7%   16.3B
IPET  Pets.com           0.97   0.03    3.3%   -8.8%     N/A    28.7
TMCS  Ticketmaster      23.19   0.19    0.8%    1.9%   -40.6%    2.0B
TIXX  Tickets.com        1.72   5.00    0.0%  -19.1%   -88.2%  101.6
GDEN  Garden.com         1.63   0.00    0.0%  -35.0%   -81.6%   28.6
PPOD  Peapod             2.00   0.00    0.0%   -1.5%   -77.2%   35.9
AHWY  audiohighway.com   1.19   0.00    0.0%  -34.5%   -86.3%    7.6
EXPE  Expedia           16.00  -0.06   -0.4%   -0.4%   -55.0%  709.3
PCLN  priceline.com     27.50  -0.25   -0.9%    7.3%   -42.8%    4.6B
WBVN  Webvan Group       4.06  -0.06   -1.5%  -14.8%   -75.8%    1.4B
VSTY  Varsity Group      1.03  -0.03   -2.9%   13.8%     N/A    16.3
ALOY  Alloy Online       8.63  -0.31   -3.5%  -17.9%   -46.1%  152.0
PLRX  PlanetRx.com       0.69  -0.03   -4.3%   -4.3%   -95.3%   35.4
CTIX  Cheap Tickets     10.06  -0.63   -5.8%  -12.0%   -27.6%  243.9
AMEN  Crosswalk.com      2.00  -0.13   -5.9%    N/A    -61.6%   15.4
DSCM  Drugstore.com      5.44  -0.56   -9.4%   -7.9%   -85.2%  288.6
FATB  Fatbrain.com       3.63  -0.38   -9.4%   -9.4%   -85.8%   47.2
SKDS  SmarterKids.com    1.63  -0.19  -10.3%   15.6%   -77.9%   33.5
ESTM  E-Stamp            1.66  -0.22  -11.7%   55.8%   -92.7%   66.0
---------------------------------------------------------------------
      E-tailers Ave.                 +13.4%


New CEO Ron Smith is breathing faint life into shares of Beyond.com,
vowing to hasten the company’s path to profitability. BYND has bombed
as a software and computer e-tailer, and is attempting to reposition
itself as provider of e-commerce services, building, managing and
marketing online stores for businesses. musicmaker.com and EMusic.com
gain by not being MP3.com, which may have to pay Universal Music
Group as much as $250 million for copyright violations. From the
It Was Fun While It Lasted Dept.: After snagging the top two slots
in the sector last week – and the No. 1 and No. 3 positions among
all ‘Net stocks – E-Stamp and SmarterKids.com find themselves back
in more familiar terrain.

                            FINANCIAL SERVICES

                          9/6   7-Day   7-Day   1-Month  YTD   Market
      Company           $Close $Change %Change  %Change        Cap

NXCD  NextCard             9.75   1.56   19.1%    30.0%  -66.8%  517.3
LINE  onlinetrading.com    5.69   0.69   13.8%    33.8%  -48.5%   65.3
NTBK  [email protected]            12.94   1.44   12.5%    13.1%  -31.1%  383.9
AMTD  Ameritrade          20.81   2.28   12.3%    52.8%   -5.5%    3.6B
ECMV  E Com Ventures       1.38   0.13   10.0%    10.0%  -59.9%   13.5
WEBS  Web Street           2.75   0.19    7.3%    23.9%  -78.1%   70.9
ICGE  Internet Capital    37.58   1.58    4.4%     9.1%  -78.2%   10.5B
EGRP  E*TRADE             18.38   0.38    2.1%    19.0%  -30.7%    5.5B
CMGI  CMGI                46.69   0.88    1.9%    27.3%  -66.8%   13.8B
EELN  E-LOAN               3.50   0.06    1.8%     0.9%  -78.8%  185.1
WITC  Wit Soundvi

ew        9.28   0.13    1.4%    16.0%  -46.2%  840.2
TREE  LendingTree          4.94  -0.13   -2.5%   -29.5%    N/A    89.0
DVIN  divine Interventures 7.94  -0.56   -6.6%    13.4%    N/A     1.1B
DIR   DLJdirect            7.88  -0.81   -9.4%    13.5%  -42.8%  808.4
MDCM  Mortgage.com         0.88  -0.13  -12.5%   -12.5%  -85.2%   38.8
----------------------------------------------------------------------
      Financial Services Ave.           +3.7%


The YTD numbers here still look dismal – no gainers at all – but the
monthly and weekly stats are encouraging. Well, not for Mortgage.com
and competitor LendingTree, which aren’t exactly picking up steam
from the summer house-buying season. A sizzling month puts Ameritrade
within striking distance of becoming the only stock in the group to
gain for the year. CMGI hopes to build on its best month since 1999
and an announcement this week of a reorganization designed to dispense
with the deadwood in its portfolio and re-convince investors that the
company understands where the Internet economy.

                              E-COMMERCE ENABLERS

                        9/6   7-Day   7-Day  1-Month   YTD   Market
      Company         $Close $Change %Change %Change          Cap

NEOF   Neoforma.com      4.44   1.41   46.4%   36.6%    N/A   563.0
CYBS   CyberSource      13.31   3.75   39.2%   90.2%  -74.7%  346.2
LQID   Liquid Audio      8.50   1.75   25.9%   32.0%  -68.1%  190.3
CKCM   Click Commerce   33.88   5.25   18.3%   38.3%    N/A     1.3B
NETP   Net Perceptions  15.00   2.31   18.2%   33.3%  -64.8%  400.7
ITRA   Intraware        12.13   1.75   16.9%  104.2%  -85.1%  318.0
QSFT   Quest Software   59.00   7.88   15.4%   12.5%   13.9%    5.1B
PCOR   pcOrder.com       6.00   0.70   13.3%   25.5%  -88.4%  101.3
IMNY   I-Many           13.63   1.38   11.2%    7.4%    N/A   435.6
ELCO   Elcom Int.        6.38   0.63   10.9%    N/A   -81.5%  195.9
PRSW   Persistence      17.69   1.69   10.5%   11.4%  -22.6%  345.8
EPNY   E.piphany       104.88   8.88    9.2%    7.0%  -53.7%    4.7B
EPAY   Bottomline Tech. 32.88   2.75    9.1%   15.1%  -10.1%  357.3
WEBM   webMethods      106.06   8.75    9.0%   12.1%    N/A     3.5B
PPRO   PurchasePro.com  63.63   4.44    7.5%   60.1%  -54.4%    2.0B
CORI   Corillian         8.50   0.56    7.1%  -22.6%    N/A   271.4
INTW   InterWorld       20.19   1.06    5.6%   12.2%  -76.7%  589.1
AGIL   Agile Software   73.00   3.31    4.8%   15.6%  -33.8%    3.4B
SNHK   Sunhawk.com      16.00   0.63    4.1%   19.6%    N/A    48.1
ONVI   Onvia.com         6.88   0.25    3.8%   -2.7%    N/A   555.1
GSPT   Global Sports     8.00   0.28    3.6%    8.5%  -37.3%  173.6
AWEB   Autoweb.com       1.81   0.06    3.6%   -7.9%  -83.6%   53.5
IMPV   ImproveNet        2.06   0.06    3.1%   17.9%    N/A    34.5
BVSN   BroadVision      35.56   1.06    3.1%   10.5%  -38.2%    9.5B
ARBA   Ariba           156.31   3.81    2.5%   15.5%   73.6%   37.6B
STCS   Software Tech.   20.25   0.44    2.2%   -8.0%    N/A     1.4B
PRTS   PartsBase.com     3.75   0.06    1.7%  -33.3%    N/A    52.8
QUOT   Quotesmith.com    2.13   0.00    0.0%  -12.8%  -81.6%   40.9
CMRC   Commerce One     62.69  -0.56   -0.9%   32.1%  -37.2%   10.2B
DGIN   Digital Insight  25.50  -0.38   -1.4%    N/A   -31.0%  736.8
FAIM   FairMarket        4.00  -0.06   -1.5%   -4.5%    N/A   113.2
BBSW   Broadbase        21.63  -0.38   -1.7%   -6.5%  -62.1%    1.0B
CYCH   CyberCash         5.50  -0.13   -2.2%   39.7%  -41.5%  142.3
FIRE   FirePond         19.63  -0.50   -2.5%   19.4%    N/A   696.5
APNT   AppNet           48.69  -1.38   -2.7%   29.8%    9.6%    1.7B
ORCC   Online Resources  5.88  -0.19   -3.1%    2.2%  -65.2%   68.1
NVDC   Navidec           7.88  -0.31   -3.8%    8.6%  -35.4%   86.7
CLIC   Calico Commerce   9.31  -0.38   -3.9%   33.0%  -82.7%  326.7
DRIV   Digital River     6.69  -0.31   -4.5%   21.6%  -80.2%  1

46.5
ARTG   Art Technology   97.06  -4.81   -4.7%    4.0%   49.2%    6.5B
ITWO   i2 Technologies 160.00  -8.75   -5.2%   14.9%   61.6%   31.7B
RETK   Retek            32.13  -1.88   -5.5%   21.5%  -58.0%    1.5B
ABTL   Autobytel.com     4.75  -0.31   -6.2%    4.1%  -69.2%   96.5
ROWE   Rowecom           6.06  -0.47   -7.2%   49.2%  -86.8%   62.7
BTBC   b2bstores.com     1.84  -0.16   -7.8%   22.9%    N/A    15.9
PFSW   PFSweb            2.91  -0.25   -7.9%   20.8%  -92.4%   51.9
OPUS   Opus360           3.69  -0.38   -9.2%   18.0%    N/A   185.1
CYSV   Cysive            7.63  -0.88  -10.3%  -61.5%  -79.2%  213.4
HCOM   HomeCom           0.72  -0.09  -11.5%  -17.8%  -77.8%    5.9
PRVW   Preview Systems   7.63  -1.03  -11.9%  -22.8%  -88.4%  130.5
OMKT   Open Market       8.19  -1.31  -13.8%    8.3%  -82.1%  381.4
SLTC   Selectica        38.44  -7.13  -15.6%  -26.3%    N/A     1.4B
BRNC   Braun Consulting 14.13  -2.94  -17.2%  -13.7%  -80.5%  284.2
XCAR   XCare.net         3.81  -1.31  -25.6%    8.0%    N/A    61.9
USIT   U.S. Interactive  6.38  -2.25  -26.1%  -36.3%  -85.4%  165.4
TANN   Tanning Tech.    13.38  -5.00  -27.2%  -21.3%  -77.7%  281.6
--------------------------------------------------------------------
     E-commerce Enablers Ave.         +1.2%


Could it be that online B2B software marketplace Intraware, like
faux dinosaur rock band Spinal Tap, is mounting a comeback? The
company isn’t as sickly as, say, your average failing e-tailer or
content player, and miracles do happen, but this one is a long-shot.
Sector leader Neoforma.com rises after the online medical-goods
marketplace signs up a bunch of new hospitals as customers.
You’d think that U.S. Interactive’s naming of a new “Chief Creative
Officer” last month would have lit a fire under the company’s
stock. I guess investors just don’t get it.

                                SECURITY

                        9/6   7-Day   7-Day  1-Month   YTD   Market
       Company        $Close $Change %Change %Change          Cap

VLCT  ValiCert          14.88   2.13   16.7%   20.8%    N/A   325.0
ITRU  InterTrust        18.19   1.81   11.1%   18.3%  -69.5%    1.6B
VONE  V-ONE              3.16   0.28    9.8%    1.0%  -47.1%   69.8
ENTU  Entrust Tech.     28.94   2.38    8.9%   12.4%  -52.5%    1.8B
WGRD  WatchGuard        51.69   1.75    3.5%   -8.5%   68.3%    1.2B
CHKP  Check Point      146.03   3.41    2.4%   13.4%  189.4%   22.4B
NETE  Netegrity         57.50   0.83    1.5%    3.4%   49.2%    1.7B
PILT  Pilot Network     14.06   0.06    0.4%   14.8%  -42.3%  212.1
ISSX  Internet Security 79.06  -0.19   -0.2%   22.1%    9.5%    3.3B
AXNT  AXENT             23.38  -0.38   -1.6%   -7.4%    9.6%  676.3
NSSI  Network-1          6.69  -0.19   -2.7%  -21.9%  -39.1%   41.8
LTNX  Litronic           5.13  -0.25   -4.7%   -6.8%  -36.9%   50.6
RSAS  RSA Security      54.00  -4.25   -7.3%  -15.8%  -31.4%    2.2B
CYLK  Cylink            12.27  -1.61  -11.6%   -5.6%  -10.5%  378.2
--------------------------------------------------------------------
      Security Ave.                   +1.9%


E-transaction security infrastructure provider ValiCert gets a boost
from “buy” rating from Donaldson, Lufkin & Jenrette. InterTrust
still has the worst YTD mark in the group, but announcement that
it has been granted a patent for its digital rights management
technology could keep it climbing. Try to say this five times in
a row, real fast: See Cylink shares sink by the sea shore. It has
stumbled lately, but WatchGuard Technologies has quietly become
one of the 10 biggest gainers this year among all ‘Net stocks.

                            PERFORMANCE SOFTWARE

                        9/6   7-Day   7-Day  1-Month   YTD  Market
      Company         $Close $Change %Change %Change         Cap

EVLV   Evolve Software  27.25   7.88   40.6%    N/A     N/A 

 996.1
VATA   Versata          27.25   6.38   30.5%   18.8%    N/A    1.1B
LOUD   Loudeye Tech.    13.50   2.69   24.9%    3.3%    N/A  499.7
IMAN   iManage          13.13   2.50   23.5%   32.9%  -59.8%  305.5
MONE   MatrixOne        36.56   5.56   17.9%  -21.4%    N/A     1.5B
BLUE   Blue Martini     60.88   7.38   13.8%  -12.7%    N/A     4.2B
PKSI   Primus Knowledge 27.25   3.00   12.4%   -3.1%  -40.8%  488.2
LBRT   Liberate Tech.   31.38   3.06   10.8%   59.9%  -76.0%    2.9B
WEBT   WebTrends        43.75   4.25   10.8%   40.0%    6.4%    1.1B
SWCM   Software.com    149.50  14.50   10.7%    5.0%   53.3%    7.3B
EMBT   Embarcadero      45.95   4.39   10.6%   24.2%    N/A     1.2B
PRSF   Portal Software  55.94   5.06   10.0%   -6.9%    7.1%    9.0B
COBT   Cobalt Networks  52.13   4.63    9.7%   30.5%  -52.6%    1.5B
CWLD   CrossWorlds      23.88   2.00    9.1%   37.4%    N/A   619.4
DTEC   Delano Tech.     11.19   0.88    8.5%   11.9%    N/A   337.2
WAVO   WAVO              0.81   0.06    8.3%   30.1%  -79.3%   36.0
CLRN   Clarent          52.88   4.00    8.2%   65.2%  -33.0%    1.8B
IPIX   Internet Pict.    8.00   0.56    7.6%  -12.9%  -52.4%  482.7
SONE   S1 Corp.         18.69   1.31    7.6%    9.1%  -76.4%    1.0B
VIGN   Vignette         36.44   2.44    7.2%    1.6%  -34.0%    8.4B
NTOP   Net2Phone        30.94   1.94    6.7%   16.2%  -33.7%    1.7B
RNWK   RealNetworks     51.50   2.19    4.4%   27.0%  -15.7%    8.0B
NSPK   NetSpeak         11.88   0.38    3.3%   35.7%  -45.0%  168.4
TIBX   Tibco Software  102.06   3.19    3.2%  -12.3%   97.1%   19.4B
VOCL   VocalTec         16.00   0.38    2.4%  -21.0%   -5.9%  193.8
DGV    Digital Lava      6.56   0.12    1.9%    4.0%   -7.7%   47.2
BLSW   Bluestone        22.50   0.25    1.1%   12.5%  -80.7%  467.4
RHAT   Red Hat          25.69   0.25    1.0%   28.0%  -76.1%    4.0B
VMDC   VantageMed        1.69   0.00    0.0%  -23.9%    N/A    14.5
GTHR   GetThere         17.34  -0.03   -0.2%   92.7%  -57.6%  579.7
EPRS   Eprise           15.63  -0.06   -0.4%  -19.6%    N/A   392.9
SSSW   SilverStream     31.25  -0.13   -0.4%    9.6%  -74.1%  640.2
OTGS   OTG Software     25.19  -0.25   -1.0%  -25.9%    N/A   649.0
EXTN   Extensity        22.88  -0.38   -1.6%   -5.7%    N/A   545.8
FVCX   FVC.com           7.13  -0.13   -1.7%   29.5%  -40.0%  123.0
NTGX   net.Genesis       8.38  -0.16   -1.8%  -32.3%    N/A   177.1
SABA   Saba Software    28.00  -0.63   -2.2%    8.2%    N/A     1.2B
OTEX   Open Text        25.13  -0.63   -2.4%   15.8%   37.4%  508.3
BWEB   BackWeb          18.75  -0.50   -2.6%    7.1%  -56.2%  704.1
NESY   NEON Systems     16.81  -0.63   -3.6%   40.1%  -57.8%  158.5
RWAV   Rogue Wave        6.63  -0.31   -4.5%    3.9%  -18.5%   72.2
RDWR   Radware          31.00  -1.94   -5.9%    6.4%  -29.2%  479.6
IWOV   Interwoven       89.25  -6.81   -7.1%   22.3%   44.5%    4.4B
TMNT   Telemate.Net      2.25  -0.19   -7.7%    4.4%  -86.4%   17.7
SQSW   Sequoia Software 10.06  -0.88   -8.0%  -12.5%    N/A   309.0
WBSN   Websense         17.38  -1.56   -8.3%   21.9%    N/A   339.2
SGNT   Sagent Tech.      9.97  -0.91   -8.3%  -20.2%  -67.2%  284.8
VIAD   Viador            9.03  -0.84   -8.5%    4.7%  -79.0%  160.8
SPRT   Support.com      29.50  -3.00   -9.2%   -9.2%    N/A   991.9
ALLR   Allaire          31.17  -4.27  -12.0%   -2.8%  -58.0%  849.3
CTRA   Centra Software   8.75  -1.25  -12.5%   18.6%    N/A   211.5
PASW   PASW              3.00  -0.97  -24.4%  -13.5%  -48.1%   13.5
--------------------------------------------------------------------
      Performance Software Ave.       +3.3%

Internet “service chain” software provider Evolve Software is up
51% since going public on Aug. 10. EVLV picks up a “buy” rating
and 12-month price target of $38 per share from Credit Suisse
First Boston. Buried in the middle, with a slight loss, is this
month’s sector leader, GetThere, which reported higher revenues

and gross margin in Q2, along with a healthy reduction in net loss.
PASW, formerly Pacific Softworks, sells the assets of subsidiary
PSI Softworks Technology to NETSilicon. The market is unenthused.

                               INTERNET SERVICES

                        9/6    7-Day   7-Day  1-Month   YTD   Market
      Company         $Close  $Change %Change %Change          Cap

EGRT   Egreetings        1.50    0.38   33.3%    9.1%  -85.4%   52.5
STMP   Stamps.com        7.38    1.69   29.7%   47.5%  -82.6%  362.2
CRFH   Crayfish Co.      7.03    1.53   27.8%   30.8%    N/A   357.7
DRTN   Data Return      23.69    4.38   22.7%   26.3%  -56.4%  842.2
SKIL   SkillSoft        20.19    3.56   21.4%   63.1%    N/A   267.2
NTWO   N2H2              3.38    0.50   17.4%   -0.9%  -85.9%   75.9
SRCH   US SEARCH.com     1.97    0.28   16.7%    8.6%  -74.1%   35.3
FUSN   Fusion Networks   1.34    0.19   16.2%   -8.5%    N/A    36.9
CHRD   Chordiant        14.63    2.00   15.8%   23.8%    N/A   538.4
IPRT   iPrint.com        3.94    0.50   14.5%   -9.3%    N/A   118.0
ECRU   E-Cruiter.com     4.00    0.44   12.3%   10.3%  -44.7%   29.5
IBAS   iBasis           24.50    2.50   11.4%   16.7%  -16.1%  835.1
CTCH   CommTouch        22.63    2.06   10.0%   27.9%  -54.1%  345.3
LFMN   Lifeminders      29.50    2.56    9.5%   61.6%  -49.7%  703.6
EQIX   Equinix          15.50    1.31    9.3%    N/A     N/A     1.1B
ACRU   Accrue Software  22.88    1.88    8.9%   10.2%  -58.4%  669.0
WEBX   WebEx            42.94    3.00    7.5%   16.4%    N/A     1.6B
MRBA   Marimba          17.88    1.00    5.9%   -6.2%  -61.8%  418.9
CAVN   Cavion            4.88    0.25    5.4%   -4.9%  -38.1%   24.2
WNET   WHEREVER.net      3.25    0.16    5.1%   26.8%    N/A    83.0
HLTH   Healtheon/WebMD  18.25    0.88    5.0%   53.7%  -52.1%    4.0B
LPSN   LivePerson        7.06    0.31    4.6%  -16.3%    N/A   208.0
ITXC   ITXC             21.75    0.69    3.3%   -7.4%  -36.3%  838.1
LIOX   Lionbridge        9.44    0.19    2.0%   21.8%  -49.1%  257.8
HOTJ   HotJobs.com      19.50    0.38    2.0%   20.9%  -56.0%  704.8
INIT   Interliant       12.70    0.14    1.1%  -12.4%  -51.9%  607.6
MAIL   Mail.com          6.34    0.03    0.5%  -14.0%  -66.7%  379.1
EGAN   eGain            11.50    0.00    0.0%   59.3%  -70.0%  340.4
SAPE   Sapient          46.25   -0.31   -0.7%  -32.7%  -35.4%    5.5B
CONV   Convergent        3.97   -0.03   -0.8%   -3.8%  -75.4%  117.4
NETZ   Netzee            5.44   -0.06   -1.1%   -3.3%  -67.8%  119.8
VCNT   Vicinity         10.56   -0.13   -1.2%  -27.5%    N/A   296.6
WQNI   WorldQuest        5.00   -0.06   -1.2%   -0.6%    N/A    31.9
SVVS   Savvis Comm.      8.88   -0.13   -1.4%   -9.0%    N/A   825.0
NAVI   NaviSite         46.06   -0.69   -1.5%    8.1%   -9.3%    2.6B
HHNT   HeadHunter.NET    5.94   -0.09   -1.6%   -5.9%  -53.5%  110.4
KANA   Kana             37.13   -1.50   -3.9%   12.7%  -64.3%    3.5B
USIX   USinternetworking 9.75   -0.56   -5.5%  -27.1%  -79.4%  944.4
ILND   Interland         6.88   -0.44   -6.0%  -14.7%    N/A   321.1
MDLI   MedicaLogic       6.00   -0.41   -6.3%    2.1%  -71.9%  331.5
CRIO   Corio            12.25   -0.88   -6.7%  -18.3%    N/A   593.9
CLAI   Claimsnet.com     4.06   -0.31   -7.1%   96.9%  -60.0%   37.4
EVOK   Evoke Comm.       9.63   -0.81   -7.8%   37.5%    N/A   449.8
EXDS   Exodus Comm.     62.44   -5.44   -8.0%   15.5%   38.5%   26.1B
BWAY   Breakaway Sol.   14.56   -1.50   -9.3%  -45.2%  -60.7%  655.6
KEYN   Keynote Systems  27.00   -3.00  -10.0%  -25.3%  -64.0%  747.4
VRSN   VeriSign        170.19  -23.56  -12.2%   16.8%  -12.2%   33.1B
CPTH   Critical Path    68.25   -9.50  -12.2%   21.9%  -28.8%    4.4B
JPTR   Jupiter          19.75   -4.00  -16.8%  -21.8%  -35.7%  307.9
ETIN   Etinuum           4.38   -1.00  -18.6%    6.1%    N/A    80.4
DIGX   Digex            68.75  -17.31  -20.1%   -3.1%   -1.5%    4.4

B
RCOM   Register.com     10.00   -2.88  -22.3%  -42.4%    N/A   319.9
---------------------------------------------------------------------
      Internet Services Ave.           +2.6%


Two real dogs lead the pack here. Don’t plan a ticker-tape parade
yet, though; both Egreetings and Stamps.com remain near their all-time
lows. Same goes for N2H2, which gains 17% but is down 86% for the year.
Register.com touted itself as the main challenger to leading Internet
domain registrar Network Solutions, which was purchased by VeriSign
during the summer. Now the company’s stock is struggling. Digex slides
in the wake of news that WorldCom will buy Intermedia Communications,
the parent company of the Web-hosting firm. PaineWebber cuts its
rating of DIGX to “attractive” from “buy”.

                            ADVERTISING/MARKETING

                        9/6   7-Day   7-Day  1-Month   YTD   Market
      Company         $Close $Change %Change %Change          Cap

MPLX   Mediaplex        12.50   1.81   17.0%   81.8%  -80.4%   420.7
NTCR   NetCreations     20.75   1.63    8.5%  -21.6%  -53.6%   321.5
AVEA   Avenue A          8.25   0.06    0.8%    2.3%    N/A    479.1
MYPT   MyPoints.com     12.63   0.00    0.0%   -3.1%  -83.2%   371.1
NCNT   Netcentives       9.41  -0.03   -0.3%  -19.9%  -85.1%   400.8
PRME   Prime Response    5.91  -0.09   -1.6%  -14.1%    N/A    122.1
ENGA   Engage           12.56  -0.31   -2.4%   54.6%  -58.8%     2.3B
LNTY   L90               7.19  -0.25   -3.4%    6.5%    N/A    160.7
CSAV   coolsavings.com   3.19  -0.13   -3.8%  -12.1%    N/A    124.6
HPOL   Harris Inter.     3.88  -0.16   -3.9%   -3.1%  -70.8%   125.2
FSHP   FreeShop.com      3.88  -0.19   -4.6%   -4.6%  -92.1%    60.8
BFRE   Be Free           5.56  -0.31   -5.3%    8.5%  -84.8%   362.7
NTRT   NetRatings       17.00  -1.00   -5.6%   -7.5%  -65.2%   552.2
CBLT   Cobalt Group      5.00  -0.31   -5.9%   -4.8%  -47.5%    88.3
DIGI   Digital Impact    9.63  -0.63   -6.1%  -20.0%  -81.1%   238.6
VCLK   ValueClick       11.00  -1.00   -8.3%    7.3%    N/A    308.1
APLN   @Plan.Inc         5.38  -0.63  -10.4%   -6.5%  -46.4%    60.6
DCLK   DoubleClick      37.44  -4.63  -11.0%    9.1%  -70.9%     4.6B
TFSM   24/7 Media       12.44  -2.19  -15.0%   10.6%  -78.2%   442.8
MMXI   Media Metrix     21.06  -4.19  -16.6%  -21.6%  -42.0%   418.5
---------------------------------------------------------------------
      Advertising/Marketing Ave.      -3.9%


One of only two sectors to falter, though this group’s decline was
slight compared to what’s on deck. Mediaplex is tops for the week
and month. It still seems to be getting upward momentum from a nice
plug in the Washington Post late last month. Internet audience
measurer Media Metrix is awarded a patent for its tracking-meter
technology. Shares respond by hitting a new low closing price
of $21.06.

                             CONSULTANTS/DESIGNERS

                          9/6    7-Day  7-Day  1-Month  YTD   Market
      Company           $Close  Change %Change %Change         Cap

MSPR   Mainspring         12.38   2.38   23.8%  -16.5%    N/A   232.7
LUMT   Luminant            8.94   1.06   13.5%    7.5%  -80.7%  242.2
CVGP   Convergent Group    5.00   0.14    2.9%  -27.9%    N/A   217.1
GENI   GenesisIntermedia  15.13   0.13    0.8%    0.4%  156.2%   97.8
PRFT   Perficient         12.75  -0.25   -1.9%    3.0%   -1.5%   77.4
RAZF   Razorfish          12.44  -0.31   -2.5%  -25.2%  -74.3%    1.2B
MRCH   marchFIRST         19.50  -1.06   -5.2%   -1.6%  -64.2%    2.9B
LNTE   Lante               8.38  -0.56   -6.3%  -34.3%    N/A   330.9
PECS   PEC Solutions       6.38  -0.56   -8.1%  -23.3%    N/A   142.0
DTAS   Digitas            12.75  -1.75  -12.1%  -31.8%    N/A   733.6
INFT   Inforte            31.44  -6.06  -16.2%  -22.6%    N/A   389.8
PXCM   Proxicom           

18.94  -3.69  -16.3%  -55.7%  -70.0%    1.1B
ACOM   AGENCY.COM         20.50  -4.06  -16.5%   -3.2%  -60.4%  729.9
MMPT   Modem Media         8.69  -1.75  -16.8%  -30.2%  -75.7%  212.9
IISX   Integrated Info.    5.75  -1.25  -17.9%  -17.9%    N/A   117.7
SCNT   Scient             22.50  -8.06  -26.4%  -47.7%  -74.4%    1.6B
OGNC   Organic             5.31  -2.13  -28.6%  -33.6%    N/A   467.3
IIXL   iXL Enterprises     6.94  -3.94  -36.2%  -45.3%  -87.7%  525.2
VIAN   Viant               8.13  -6.38  -44.0%  -73.8%  -83.8%  389.6
----------------------------------------------------------------------
      Consultants/Designers Ave.       -11.3%


The bottom has fallen out of this sector in the past month. And it’s
not just Viant and iXL Enterprises dragging down the average. Only
three stocks here have gained in the past month, and those just barely.
The Internet consulting market is oversaturated; nearly half of the
companies above went public this year, even as a wave of bearish
sentiment (and growing losses) slowed spending by prospective customers.

Only GenesisIntermedia.com has gained for the year, and GENI’s price
has barely budged since April.

                                SPEED/BANDWIDTH

                         9/6    7-Day   7-Day  1-Month   YTD    Market
     Company           $Close  $Change %Change %Change           Cap

IBEM  iBEAM              12.25    2.25   22.5%   16.7%    N/A     1.3B
ATHM  At Home            17.56    2.94   20.1%   24.3%  -59.7%    7.1B
WGAT  WorldGate          21.19    2.56   13.8%    2.7%  -56.1%  459.1
NENG  Network Engines    37.81    2.75    7.8%   43.4%    N/A     1.3B
COVD  Covad Comm.        17.25    1.13    7.0%    7.0%  -54.5%    2.7B
RSNT  Resonate           41.00    2.56    6.7%    7.9%    N/A     1.1B
RAMP  Ramp Networks       5.38    0.25    4.9%  -18.9%  -65.3%  116.4
FFIV  F5 Networks        54.50    1.75    3.3%   19.8%  -52.9%    1.2B
JNPR  Juniper           209.69    5.81    2.9%   26.6%  264.4%   66.1B
CFLO  CacheFlow         107.44    2.44    2.3%   48.2%  -19.1%    4.2B
INAP  InterNAP           33.70    0.70    2.1%   14.7%  -61.6%    4.9B
INKT  Inktomi           123.81   -2.19   -1.7%   18.4%   37.4%   14.1B
HSAC  High Speed Access   5.38   -0.13   -2.3%    7.5%  -70.0%  299.3
CAIS  CAIS Internet       7.94   -0.19   -2.3%  -17.0%  -78.0%  183.4
AVCI  Avici Systems     130.38   -4.13   -3.1%   -5.8%    N/A     6.3B
CSCO  Cisco Systems      64.25   -2.31   -3.5%   -5.3%   18.1%  451.3B
ATON  Alteon WebSystems 140.25   -5.63   -3.9%   -1.1%   57.4%    6.1B
TERN  Terayon            50.50   -2.38   -4.5%  -10.2%   58.3%    3.1B
AKAM  Akamai             69.13   -3.38   -4.7%   -3.2%  -79.2%    7.4B
PKTR  Packeteer          46.63   -2.50   -5.1%    3.2%  -35.3%    1.3B
BRCM  Broadcom          225.88   -12.56  -5.3%   -3.7%   63.3%   50.2B
SCMR  Sycamore Networks 131.63   -7.94   -5.7%   -1.8%   26.2%   32.2B
RDWR  Radware            31.00   -1.94   -5.9%    6.4%  -29.2%  479.6
SONS  Sonus Networks    154.50  -10.94   -6.6%  -32.2%   N/A      9.4B
TUTS  Tut Systems       101.81  -13.69  -11.9%    0.6%   87.0%    1.6B
----------------------------------------------------------------------
     Speed/Bandwidth Ave.                1.1%


The top-performing sector this year (with eight gainers of 31 among
all ‘Net stocks) treads water for the week. Juniper Networks, as
mentioned earlier, has become the brightest star in the Internet
galaxy. A just-published rave about the company in Business Week
could help keep the upward momentum going. Since hitting an all-time
low close of $7.06 on Aug. 24, this week’s sector leader, iBEAM, has
gained 74%. The second-biggest YTD gainer in the group, Tut Systems,
cools off.

                             ISPs/ACCESS PROVIDERS

                        9/6    7-Day   7-Day  1-Month   YTD   Market
         C

ompany       $Close $Change %Change %Change
Cap

FREE   Freeserve         46.00   9.38   25.6%    6.4%  -50.8%    4.6B
PCNTF  Pacific Internet  15.69   2.56   19.5%    7.7%  -67.1%  198.4
KOREA  Korea Thrunet      8.83   1.39   18.7%   -9.5%  -87.2%  635.3
FSST   FASTNET            2.38   0.34   16.9%   18.8%    N/A    35.6
IGLD   Internet Gold      6.47   0.84   15.0%   -4.2%  -71.4%  119.2
IIJI   Internet/Japan    42.50   4.44   11.7%    4.9%  -56.9%    1.9B
ELNK   EarthLink         12.63   1.13    9.8%   14.1%  -70.7%    1.6B
GEEK   Internet America   4.06   0.31    8.3%    1.6%  -66.1%   39.4
BIZZ   Biznessonline      3.00   0.22    7.9%  -15.8%  -57.8%   27.1
DDDC   Deltathree.com     6.81   0.38    5.8%  -17.4%  -73.9%  196.4
ONEM   OneMain.com       10.25   0.56    5.8%    6.5%  -32.7%  257.9
ZIPL   Ziplink            5.81   0.31    5.7%   10.7%  -54.2%   75.5
TRRA   Terra Networks    40.25   2.13    5.6%   19.9%  -27.6%   11.1B
RMII   RMI.Net            2.44   0.13    5.4%  -13.3%  -71.1%   53.4
NZRO   NetZero            4.13   0.06    1.5%  -19.5%  -84.9%  432.5
IDTC   IDT Corp.         40.63   0.38    0.9%    4.2%  111.9%    1.5B
ATHY   AppliedTheory      7.63   0.03    0.4%   -9.0%  -72.9%  189.2
HANA   Hanaro Telecom     5.19   0.00    0.0%   -7.3%    N/A     1.4B
PRGY   Prodigy            7.88   0.00    0.0%   15.6%  -60.0%  550.1
VRIO   Verio             59.81  -0.13   -0.2%   11.8%   27.5%    4.9B
GIGM   GigaMedia         10.75  -0.06   -0.6%   16.2%    N/A   524.9
PSIX   PSINet            17.75  -0.19   -1.0%    2.1%  -43.4%    3.4B
JWEB   Juno Online        6.00  -0.13   -2.0%    1.0%  -83.4%  233.2
ISLD   Digital Island    29.25  -1.06   -3.5%    8.8%  -69.7%    2.0B
PNVN   PNV                1.50  -0.06   -4.0%  -28.4%  -82.0%   23.9
VOYN   Voyager.net        6.56  -0.31   -4.5%   -4.5%  -29.7%  207.7
QSCG   QS Communications 17.75  -1.00   -5.3%  -13.4%    N/A   904.8
VNWI   VIA NET.WORKS     13.13  -1.00   -7.1%    1.0%    N/A   783.3
NPLI   Netpliance         4.69  -0.56  -10.7%  -32.7%    N/A   283.2
LOAX   Log On America     3.06  -0.38  -10.9%  -15.5%  -85.1%   25.5
DSLN   DSL.net            5.66  -1.00  -15.0%   54.7%  -61.4%  372.6
TLCT   Telocity Delaware  4.38  -0.88  -16.7%   34.6%    N/A   371.3
IZAP   ZapME!             2.00  -0.56  -22.0%  -31.2%  -77.2%   88.0
---------------------------------------------------------------------
      ISP/Access Provider Ave.         +1.8%


Another sector with “consolidation” written all over it; too many
little fiefdoms, not enough customers to sustain revenue growth
for everyone. British access provider Freeserve leads the way after
rumored acquisition by European telecom giant Deutsche Telekom
falls through. IZAP, YOUZAP, HEZAPS, SHEZAPS – whatever the personal
pronoun, ZapME!, the access provider to schools and marketers trying
to sell stuff to students, continues to hit new lows.

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