From Steve Harmon's Hot Watch Newsletter for August
Now written by By Chris Nerney
Senior Analyst
internet.com
Go2Net (NASDAQ: GNET)
Go2Net remains the top performer of all HotWatch stocks this year,
logging an incredible 564% gain through July. You'll have to excuse GNET
investors, however, if they've tended to lose sight of the stock's
spectacular first half of '99, for July was a disaster. GNET shares fell
36.1%, the biggest loser of all HotWatch picks last month.
That should turn around as the significance of GNET's Q3 earnings report
-- released July 21 and overlooked in the market selloff - sinks in with
investors. All Go2Net did was triple revenue ($5.7 million) over Q3 '98,
beat Wall Street estimates with net income of $3.1 million, or 7 cents a
share (consensus estimate was 5 cents) and report an increase in page
views across its network of sites from 12.3 million per day in March to
18.5 million in June.
Go2Net remains the fastest-growing property among major Internet
destinations, with traffic increasing 91% since January. In June, the
company's group of sites cracked Media Metrix's Top 10 Digital/Media Web
properties for the first time, jumping from No. 15 to No. 9. At the
current rate of growth, Go2Net should eclipse Amazon.com, Time Warner
Online and The Excite Network by year's end. If it also can overtake Go
Network (which currently has twice as many visitors), Go2Net becomes a
Top 5 Web destination, trailing only AOL, Yahoo!, Microsoft and Lycos.
That's the big leagues. |
