The broad market takes a slight hit but ISDEX finds some upside as Internet stocks once again take the spotlight. Used to be industrials driving the market but investors sense the sea-change that's occurring. Let me spell it out: Internet stocks are the market as the information economy is here and growing faster than any land-based effort can scale. That's why IPOs in Internet stocks are hot while traditional IPOs are dead. Today's snapshot:
|
|
22-Mar-99 |
point change |
% change |
|
ISDEX |
542.04 |
3.91 |
0.73% |
|
NASDAQ |
2,395.94 |
-25.33 |
-1.05% |
|
DJIA |
9,890.51 |
-13.04 |
-0.13% |
Broadcast.com (NASDAQ:BCST) stock soars 37% to $116.50 per share as rumors that Yahoo (NASDAQ:YHOO) may acquire the multimedia portal surface. I think a deal with wither Yahoo or another large first-generation portal looks like a natural fit. One reason I put BCST on my watch list in March.
audiohighway.com (NASDAQ:AHWY) inks a deal with Microsoft to provide audio content links to Microsoft's new Web events area, sending AHWY shares up 17% to $12.75 per share on the news.
Doubleclick (NASDAQ:DCLK) shares rally on its agreement to provide Comcast (NASDAQ:CMCSA) with advertising solutions. Comcast agreed to acquire MediaOne for $60 billion in stock, debt and preferred. MediaOne shareholders will receive 1.1 shares of Comcast class A stock. Based on Comcast's closing price Friday of $70.13 that's $80.16 per share in this stock and debt deal. Indirectly, I like the way this benefits Doubleclick. As I mentioned in analysis before, I think two or three ad solutions firms could emerge here as winners in the cross platform space.
correction: Netegrity (NASDAQ:NETE) owns, develops and markets SiteMinder. Not Netgravity, as mentioned in Friday's report.
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Internet Stocks Buck Market Softness