Briefing.com calling gnet a large-cap segment leader. Although the comment is slightly (!) negative, I like the company they are listing us with....FINALLY.
Updated for: 11-Aug-99
General Commentary:
Bargain hunters did some nibbling in the Net sector late Tuesday after the group took a beating again in early trading... Buying was concentrated in the large-cap segment leaders such as CMGI (CMGI 76 3/16 +2 15/16), Go2Net (GNET 60 7/8 +8 9/16), Inktomi (INKT 100 7/8 +8 1/8), Yahoo! (YHOO 127 1/2 +6 5/16), eBay (EBAY 89 1/4 +9 5/8), Amazon (AMZN 91 +5 1/2) and Exodus (EXDS 115 3/8 +5)... While Briefing.com concedes that there is long-term value being created in a number of the leadership issues, we maintain that the group has yet to hit bottom... Uncertainty over rates, overhead supply, flood of new and secondary offerings, and potential tax-selling all point to continued weakness... Tuesday's less than impressive volume totals also suggest that gains will prove short-lived.
While a technical bounce in the Net group would alleviate downward pressure on the rest of the tech sector, Briefing.com concerned that ho-hum earnings report out of Cisco (CSCO 58 3/4 -1 1/16), after Tuesday's close, could undercut momentum... Don't get us wrong, CSCO delivered its usual positive earnings surpise, beating the street by one cent in reporting a gain of $0.21 on an impressive 48% jump in revenues.... But only large-cap tech stocks to post big gains on earnings numbers were those companies that blew out their number, and that CSCO did not do... In fact, given market's current bias toward the negative investors could focus on 1% decline in gross margins as reason to sell. |
