Homestore.com's hot property
By Jeff Clabaugh, CBS MarketWatch
Last Update: 3:10 PM ET Apr 12, 2000 NewsWatch
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OK, so you're not so keen on '.com' stocks right now. Neither, it seems, is anyone else. And yet depressed stock prices do create opportunity to pick up bargains, and one fund manager thinks he's found one.
George Gilbert, on Quicken.com, has found an e-tailer that's close to what he calls a 'natural monopoly.'
Homestore.com (HOMS: news, msgs) is an Internet company that provides real estate information through its Web sites. Gilbert, who co-manages the Northern Technology Fund, says Homestore?s site traffic is two or three times that of Microsoft's HomeAdvisor.com, or that of real estate firms such as Century 21. It makes money off fees paid by brokers, and it's trying to become more active in selling mortgages over the Internet. The company also has a deal with Ryder to put its Web address on the trucks Ryder rents, and it gets a commission for sending any of its customers Ryder's way.
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Updated:
04/12/2000 5:58:48 PM ET
The company's stock has plunged 70 percent from its 52-week high, but it's not just a case of getting caught up in the recent '.com' sell-off. Gilbert says the lock-up period for Homestore ends in late April, sparking anticipation that lots of shares are headed for market in the next few months. Gilbert sees nothing fundamentally wrong with the stock and, although he predicts it will be weak for the better part of the month, he expects it to rally soon and puts a target of around 60 on Homestore.com within the next 12 months. See full story.
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