Mark
Someone else thinks VOCLF is attractive at these levels also.
Scott
Steve Harmon's
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isdex.com
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eMailbag Monday:
GeoCities To Price Today, Reader Emails
Heads Up: Websteader GeoCities is scheduled to price today and start
trading tomorrow. It may send a rumble of its own through the market,
despite the choppy waters lately for IPOs. Being a top 10 Web site and
pioneering a new concept on the Internet is a formidable combination in
our view. Other Internet IPOs due this week include CitySearch, Digital
River and 24/7 Media. Look for them all soon in ISDEX, the leading
Internet stock index.
And now emailbag Monday:
"I have been following your preview of the GeoCities IPO with great
interest over the past few weeks. But the one biggest thing that can
help people like me is to know how to get in on this IPO. Can you advise
me on that? Who do I contact to purchase this IPO?
Who is the lead manager for this IPO? And will the common man, such as
myself be allowed a sniff of this IPO? Or is it going to be like the
Broadcast.com IPO which was available only to the fat cats? And the
common man had to purchase it at market price (after the jump) and many
have already lost a packet on Broadcast.com."
Reply: Getting in on an IPO at the initial pricing is extremely
difficult for several reasons: 1) underwriters have to move a lot of
stock and 2) that generally requires large clients buying the stock
in bulk. Join the new "Internet.com's Harmon Finance Tips" (a monthly e-
mail) and we'll try to delve into this in more detail and empower you in
the IPO game. E-mail stocktalk@internet.com with "join" in the subject
line.
GeoCities underwriting is led by Goldman Sachs. Those who lost a packet
on Broadcast.com may not have held on long enough but it's a good
general rule never to put a buy order in at market price. Always
establish your criteria for investing--set the top and bottom.
AO-Well?
"What is happening to AOL?? The biggest story in your whole industry, in
my opinion, is how a "cheap" company like AOL can fall over 30% through
great earnings. This should be a tell-tale sign that if you don't live
by fundamentals, you won't die from fundamentals--you'll die from some
institutional/insider sell off. This is an indication that the Internet
frenzy is a speculative bubble, isn't it?"
Reply: Beware media labels and convenient tag lines such as "speculative
bubble." AOL fell on its earnings news due to uncertainty over how the
acquisitions of Mirabilis-ICQ and NetChannel would affect net income.
Earnings before charges beat the 'Street easily. Once the final net was
released AOL shares rebounded somewhat. We think AOL is a core Internet
stock and the only firm yet to have beaten Microsoft handily in this
arena, a feat easier said than done.
Disconnect
"I thought you had mentioned the stock (CNKT) in a interview and again
in the Internet Stock Report just a few weeks ago, but I can't find the
report. Can you help?"
Reply: We think e-commerce software maker Connect (NASDAQ:CNKT) could be
a technology takeover play as it struggles for revenue growth. Maybe
some larger firm could absorb its code base.
Sleepless
"Any sleeper Internet stocks that you like?
Reply: Some people believe Tech Squared (OTC:TSQD) may be a back doorway
to buy shares in upcoming IPO Digital River. Many DR execs came from
Tech Squared which owns 23% of Digital River before the IPO, and about
18% of Digital River after the IPO. TSQD trades at about 1.6x sales in
our estimate. But do you really want to own TSQD when Digital River
itself may follow a Cyberian Outpost (NASDAQ:COOL) trajectory?
We think Sportsline (NASDAQ:SPLN) may be at attractive levels. Vocaltec
(NASDAQ:VOCLF) could be worth a look or two if IP communications takes
off as expected. It was $33 per share and now trades near its low
despite sales increasing. Firewall software maker Cyberguard
(NASDAQ:CYBG) could find some legs if its partnering pays off. Overall,
keep your eyes open this week as a slew of IPOs debut. If GeoCities goes
ballistic then it could ignite Internet stocks once again.
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Steve Harmon's Internet Stock Report can also be viewed online at
internetnews.com. Be sure to check the daily
ISDEX at this address as well.
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I N T E R N E T S T O C K R E P O R T
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