Bear season erupted the past week with ISDEX off 7.6% and just 9 of the 50 stocks in the index gaining ground against a market making moves into new issues: IPOs a go-go.
Topping the gainers since July 13 is Juniper Networks (NASDAQ:JNPR), in what has become the white-hot sector -- infrastructure. I call it 'Internet 2,' broadband meets broader demand and it spells new pipes, new software, new tools. Sort of a 'Back to the Future' without Michael J. Fox or the cab driver from Taxi (what was his name?). For those of you who want to skip to the credits consider that in 1994-95 the hottest stocks in this space were all building supply companies. Who? Netscape. Quarterdeck. Sun.
NetManage. Spyglass. Cisco. UUNET. Here we are again as a newer, faster Internet builds out and the fatter pipe fitters (Juniper, Gadzoox), fatter content plays (Broadcast.com, now part of Yahoo; Liquid Audio, MP3.com) are en vogue. Except for Broadcast.com, which I think Yahoo got a great deal on, the others are all newbies in the IPO arena. Speaking of Broadcast.com,
the replacement stock in ISDEX for it is Priceline.com (NASDAQ:PCLN), the Web-enabled name your price service. Of the movers this week on the plus side Ticketmaster-CitySearch (NASDAQ:TMCS) popped 10% on news it will acquire the entertainment side of Microsoft's Sidewalk (another misguided Microsoft Web effort, which began with the original MSN). To be fair Microsoft's efforts in travel, cars and investment sites has been competitive and it has a top 3 Web presence. And a Microsoft.com spinout would probably be the largest Net IPO ever. My estimate on valuing Microsoft's Web story comes in at about $35 billion based on $800 million estimated revenue for that unit as whole, traffic, users, brand, management. If we toss in Microsoft's Web investments into the mix it really gets interesting. Let's check the stats:
| ISDEX ® |
|
20-Jul-99 |
% change |
| The Internet Stock Index |
|
close |
from |
| www.isdex.com |
|
|
13-Jul-99 |
| for isdex history file click here |
|
|
close |
| ISDEX |
|
509.47 |
-7.6% |
| NASDAQ |
|
2,732.18 |
-1.7% |
| DJIA |
|
10,996.45 |
-1.6% |
| |
|
|
|
| Juniper Networks |
JNPR |
$ 138.00 |
10% |
| Ticketmaster-CitySearch |
TMCS |
$ 38.75 |
10% |
| Concentric |
CNCX |
$ 36.00 |
8% |
| CheckPoint Software |
CHKP |
$ 60.13 |
6% |
| Verio |
VRIO |
$ 80.00 |
4% |
| Sportsline USA |
SPLN |
$ 38.38 |
3% |
| CDnow |
CDNW |
$ 20.94 |
3% |
| USWeb |
USWB |
$ 24.56 |
2% |
| Infospace.com |
INSP |
$ 52.38 |
1% |
| Verisign |
InternetNews Realtime IT News -::
N2H2 Learns IPO Market Isnt Kids Play - 07/30/1999 ISDEX Off 7.6% on IPO Market Madness - 07/21/1999 ISDEX Adds Three Market Leaders To Index - 07/07/1999
http://www.internetnews.com/bus-news/archives.php/199907HOME |
VRSN |
$ 82.50 |
0% |
| Healtheon |
HLTH |
$ 63.13 |
0% |
| Open Market |
OMKT |
$ 14.94 |
0% |
| Ariba |
ARBA |
internetnews.com/bus-news/article.php/165501/::
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http://ef=www.internetnews.com/bus-news/article.php/165501/ISDEX+Off+76+on+IPO+Market+Madness+.htm>internetnews.com/bus-news/article.php/165501/
www.internetnews.com/bus-news/article.php/165501/ISDEX+Offn+IPO+Market+Madness+.htmHOME |
$ 110.00 |
-4% |
| Lycos |
LCOS |
$ 95.81 |
-4% |
| Cisco |
CSCO |
$ 62.25 |
-5% |
| Go2Net |
GNET |
$ 76.44 |
-5% |
| Amazon.Com |
AMZN |
$ 120.13 |
-5% |
| PSINet |
PSIX |
$ 57.75 |
-5% |
| Network Solutions |
NSOL |
$ 70.00 |
-5% |
| Broadcom |
BRCM |
$ 132.00 |
-6% |
| Axent |
AXNT |
$ 15.38 |
-7% |
| Network Associates |
NETA |
$ 18.06 |
-7% |
| Mindspring |
MSPG |
$ 44.38 |
-8% |
| Infoseek |
SEEK |
$ 40.00 |
-8% |
| iVillage |
IVIL |
$ 48.00 |
-8% |
| Prodigy |
PRGY |
$ 24.94 |
-8% |
| CNET |
CNET |
$ 45.38 |
-9% |
| Doubleclick |
DCLK |
$ 87.63 |
-9% |
| Yahoo! |
YHOO |
$ 142.13 |
-9% |
| America Online |
AOL |
$ 113.19 |
-10% |
| Exodus |
EXDS |
$ 122.50 |
-10% |
| eBay |
EBAY |
$ 112.94 |
-10% |
| Broadcast.com |
BCST |
$ 109.75 |
-10% |
| Broadvision |
BVSN |
$ 68.50 |
-10% |
| @Home Network |
ATHM |
$ 45.06 |
-10% |
| Earthlink Network |
ELNK |
$ 58.75 |
-10% |
| RealNetworks |
RNWK |
$ 77.81 |
-10% |
| Beyond.com |
BYND |
$ 26.31 |
-11% |
| StarMedia |
STRM | $ 48.38 |
-12% |
| E*TRADE |
EGRP |
$ 33.06 |
-13% |
| CyberCash |
CYCH |
$ 11.00 |
-13% |
| Security Dynamics |
SDTI |
$ 19.75 |
-13% |
| Inktomi |
INKT |
$ 108.50 |
-14% |
| CMG Info |
CMGI |
$ 97.56 |
-14% |
| Preview Travel |
PTVL |
$ 20.50 |
-16% |
| Xoom.com |
XMCM |
$ 46.13 |
-17% |
| Security First Technologies |
SONE |
$ 37.31 |
-19% |
| Onsale |
ONSL |
$ 17.66 |
-22% |
| 24/7 Media |
TFSM |
$ 33.25 |
-22% |
| ISS Group |
ISSX |
$ 26.56 |
-28% |
99.07.20 - Go2Net (NASDAQ:GNET) breaks the top 10 in Web audience for the first time ever with 20% growth from May to June, accordingto Media Metrix. Go2Net ranked 15 in May and 9 in June. GNET shares rise $1 5/16 to $76 7/16 on the news. 99.07.20 - Xoom.com (NASDAQ:XMCM) posted $6.5 million in second-quarter vs. $1.7 million 2Q98 with net loss of $2.7 million vs. $1.6 million, respectively, or $0.16 loss per share vs First Call's expected loss per share of $0.26. The direct e-commerce community service is merging with NBC's Snap and also announced Xoom Auctions, taking a page out of eBay. Xoom.com counts 8.8 million members and says it will have 15,000 products on debut.
99.07.19 - Ticketmaster-Citysearch (NASDAQ:TMCS) soars 17.8% to $40 1/16 per share on news it plans to acquire Microsoft's Sidewalk local Web guide service for about $240 million in TMCS stock. Pro forma, Microsoft will own about 9% of TMCS or 13% fully-diluted with warrants.
99.07.15 - CNET (NASDAQ:CNET) second quarter results beat the Street by two cents (excluding charges) with revenue up to $25.6 million vs. $13.3 million 2Q98. Op margins are 21%. CNET's aggressive $100 million ad campaign comes when rival ZDNet seems weak and with CNET having a cash horde to build its brand in the sector. I think there's a lot of untapped potential with CNET assets and position. CNET also invested in Raging Bull, a CMGI property.
99.07.14 - Today's dance fever includes ONSALE (NASDAQ:ONSL) agreeing to acquire rival Egghead (NASDAQLEGGS) in a stock swap, Terms: ONSL will issue .565 shares on common for each EGGS common. Pro forma each firm will own roughly half the new larger auction and etailer effort. Reason for the marriage? the two etailers need to bulk up to fight the war on three
fronts: 1) sales (combined will be about $500m); 2) brand (forward going will be known as Egghead.com); 3) Amazon is moving into tech products as are others.
99.07.13 - DoubleClick (NASDAQ:DCLK) agrees to acquire smaller rival ad software outfit NetGravity (NASDAQ:NETG) for 0.28 shares of DCLK common stock for each share of NETG common stock. The deal is below NETG closing price Monday but NETG had run on deal expectation since late June. I see the move by DCLK as a way to add staff fast more than adding technology or software. With its other pending buy, Abacus, DoubleClick looks rapidly consolidates for the future. I expect more deals soon. 24/7 next? That was the rumor last week, now I think DCLK has to digest these two buys first. More likely, a rival acquires 24/7.
Accolades:
"Fresh and provocative" -CBS Marketwatch, who named Steve Harmon one of the top Internet stock analysts and only independent one honored
"I am a huge fan of Steve Harmon's analysis" -Kleiner Perkins' John Doerr
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