BANCBOSTON ROBERTSON STEPHENS
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September 17, 1999
The Web Report - Volume 2, Issue #37
Internetstocks.com Overview - Keith E. Benjamin -
mailto:keith@rsco.com
This week, the NETDEX index decreased 3% to 513.19, compared with
the NASDAQ's 2% decrease.
While the NETDEX is up approximately 15.6% from its August lows, it
is still down about 36.0% from its all-time high of 801.41 on
4/13/99. If we look at percentage changes from low to high in
previous quarters (particularly last year's fourth quarter), the
NETDEX was up 67.5% in Q3:98, up 202.4% in Q4:98, up 66.0% in
Q1:99, up 69.6% in Q2:99 and up 47.1% in Q3:99, thus far.
SUPPLY AND DEMAND FOR WEB STOCKS - Near-term stock price movements
appear more a function of supply and demand for stocks than
fundamental valuation calculations. Today, the stocks feel
sluggish, moving up a bit and then back down, but still with an
upward bias. We expect demand will increase with September quarter
results pointing to prospects for a very strong December quarter,
helping stocks reach new highs over the next month or two. It
appears that supply on selected stocks has increased periodic sales
from initial private investors, executives, and stock received from
acquisitions. Over the next week or so as we enter reporting
season, much of this type of stock selling becomes restricted. In
some cases, supply seems effectively constrained by large short
positions. As such, we expect demand to exceed supply and help move
stocks up over the near term.
While we like most stocks today, we try to figure out which to
overweight in a portfolio. For reference, we would view AOL as a
proxy for the group but would not overweight it today, expecting a
higher probability of positive competitive and strategic news at
the beginning of next year than the end of this year. We would
overweight CMGI as another proxy, with less controversy and a stock
that has languished. We believe hints of higher advertising rates
can help Yahoo!'s stock now. This also helps Lycos, whose stock
has languished. A big e-tailing Christmas can help stocks like
eToys, with a reversal of sentiment creating a short squeeze. With
companies like TicketMaster-CitySearch, we have been seeing a
supply of new stock, but expect most of the overhang is behind us,
with prospects of big numbers to help the stock perform better than
the group averages. We don't believe investors were able to sort
through the multitude of recent deals. We look to the September
quarter results to help highlight the winners among the smaller
capitalization stocks. U.S. Search is a good example, in our view,
of an overlooked stock with an accelerating business.
eTail Update - Lauren Cooks Levitan
The eTailDEX continued its rebound this week after a 5.5% gain last
week, increasing 5.8% to 1144.42 versus 1082.1 last week,
consistent with our expectations that investors would refocus on
the stocks in our sector as we get closer to the holidays. The
eTailDEX is currently up 40.9% from the recent low of 812.5 on
August 4 but still down 36.7% from the 52-week high of 1807.45,
reflecting room for substantial moves in the group over the coming
months.
PRICELINE - POSTING BIG NUMBERS - This week Priceline announced it
had crossed additional sales milestones, selling more than 50,000
airline tickets and 16,000 hotel room nights last week. The company
also announced that its recently expanded mortgage and auto buying
services are showing early signs of exceptional growth. While we
plan to closely monitor the moves of its competitors (including
Expedia), we believe Priceline's impressive business momentum
reflects its market leader status. Despite not being an obvious
momentum play for this year's holiday season, we believe new
services could drive share appreciation. For instance, we believe
it's possible that a new service could include an inventory
liquidation service for retailers and manufacturers that could
drive upside potential to our Q4 and Q1 estimates. Given the stock
is trading 65% below recent highs and 7% above recent lows, we
remain aggressive buyers of Priceline shares at this valuation.
ETOYS ON OUR HOLIDAY WISH LIST - Since last week's report when we
discussed eToys' 48% ratio of short position relative to its
tradable float, shares of eToys have jumped 44%. We believe eToys
is the best-positioned children's eTailer to win its category and
greatly exceed expectations. As such, we anticipate positive
indications (beginning with the September MediaMetrix results)
regarding eToy's traffic and sales during the holidays, could lead
to positive surprises and upward estimate revisions. As eTailing's
poster child for holiday shopping, we look for incremental data
points, fueled by further short covering, to fuel considerable
share appreciation. We recommend investors put eToys at the top of
their must-own list for stocks heading into this year's holiday
season.
INTERNET TAX COMMISSION RECONVENES - The Advisory Commission on
Electronic Commerce (ACEC) met again this week to debate taxation
issues on Internet transactions. As both pro- and anti-tax
advocates lobby to have their opinions heard, the tide appears to
be moving against taxation. In a poll of 1,000 registered voters
taken by the Information Technology Association of America, 34%
said they would be less inclined to make purchases either by mail
order or online if they were required to pay taxes. Furthermore,
44% said they would be less likely to vote for candidates who
supported taxing the Internet. Before the ACEC meeting, a letter
signed by more than 30 members of Congress was circulated stating
"This idea is not a popular one in Congress or among the American
people." Finally, the Clinton administration has been pushing to
permanently extend the three-year moratorium on new Internet taxes.
As the ACEC moves toward making its recommendation, we continue to
believe that a combination of logic and public sentiment will
prevail and that Internet commerce will be left free to flourish
without the burden of taxation over the next few years.
STAPLES INC. CREATES STAPLES.COM TRACKING STOCK - Staples announced
that it is creating a tracking stock for its growing eCommerce unit
"*to aggressively pursue electronic commerce and become the
preeminent office supply seller to small businesses on the
Internet." The tracking stock will include the company's
Staples.com, Quillcorp.com and StaplesLink.com businesses. We have
long considered Staples one of the best positioned incumbent
retailers to successfully extend its brand online given the
company's strong name recognition, local and direct-to-consumer
distribution capabilities, direct relationships with manufacturers,
and broad reach to home office and small to medium-sized business
customers. Staples is the first retailer to announce the creation
of a separate class of stock for its online ventures (as opposed to
spinning off the division). Given Staples' already well developed
online initiative and opportunity to be a leading eTailer, we
expect the Staples tracking stock will prove to be an attractive
security for investors and see true opportunity to untap real value
for shareholders. At this point, however, we believe Staples is
one of a small group of traditional retailers for whom establishing
a tracking stock seems appropriate. That said, we suspect other
retailers, with less obvious opportunities for online success than
the compelling opportunity Staples is addressing, could follow
suit. In such cases, we would not be as enthusiastic as we are
about Staples' current plans.
BEST BUY CREATES ETAILING SUBSIDIARY - TOO LITTLE TOO LATE? -
During its Q2 earnings call, Best Buy announced that it will create
a wholly-owned subsidiary, BestBuy.com, to focus on its Internet
business. Best Buy is creating the separate unit in order to
foster a culture that encourages expansion, to be able to offer
employees equity incentives, and to provide the structure and
flexibility to raise independent capital. However, the anticipated
expenses related to the initiative, Best Buy's late arrival online
(the company currently only offers CD and DVD sales online), and
the targeted launch of early 2000 for the expanded offerings were
met negatively by investors. In our view, Best Buy's delayed
efforts continue to leave the door open for online players, such as
Amazon.com and high-end consumer electronics eTailer 800.com, to
make progress in this category during the important fourth quarter.
P&G TRIES TO MANEUVER AROUND CHANNEL CONFLICT ISSUES - One of the
biggest stumbling blocks for manufacturers (see Compaq) hoping to
sell directly to consumers through the Internet has been fear of
upsetting traditional retailers who don't want to see their prices
undercut and their businesses cannibalized. Procter & Gamble, the
consumer giant with leading mass market cosmetic and personal care
brands, is attempting to bypass these channel conflict problems by
creating an entirely new, higher end, online-only cosmetics brand
with no existing constituents to offend. P&G announced this week
that it is forming Reflect.com, with additional backing coming from
venture capital firm Institutional Venture Partners. Reflect.com
will not sell existing P&G brands, but rather a line of beauty
products available only through its Web site, which is expected to
launch by the 1999 holiday season. Faced with the dilemma of
either losing market share or upsetting retailers, manufacturers
may follow P&G and establish online-only brands. We note, however,
that creating a new fashion brand could prove to be an expensive
way for P&G to enter the online market. Prestige cosmetics sales
tend to be driven by image, and Reflect.com will therefore have a
distinct disadvantage versus other online players, such as
Gloss.com and Eve.com. Unlike the new and unknown Reflect.com,
these pure-play eTailers capitalize on the exposure of well known
brands that are ideally positioned for the online channel given
their broad coverage by the fashion media, coupled with controlled
and limited distribution.
BIZRATE Q2 CONSUMER ONLINE REPORT - ONLINE SHOPPING CONTINUES TO
HEAT UP - Last month, we highlighted BizRate's partnership with
Media Metrix as a window into more granular and comprehensive
shopping data than we could previously access. BizRate has emerged
as the "Good Housekeeping Seal" for eTailers, and as such, collects
extensive data from actual online shoppers about their specific
shopping experiences. This week, we got a taste of the new
offerings to come when BizRate released its Q2 findings. According
to BizRate, total Q2 eTailing activity nearly tripled during the
period versus last year to $2.56 billion and rose 2.3% over the
first quarter despite the summer sluggishness usually experienced
by traditional retailers. Other interesting findings were that
women accounted for 37% of online shopping, up from 31% in the
first quarter, and first time buyers had an average household
income of $61,000, versus $77,000 for all online buyers. Both
findings suggest that online retailing is reaching a wider
audience. Share of online shopping is dominated by the Computer
Goods category (41.4%), followed by Entertainment (25.7%), Gifts
(10.9%), Consumer Goods (10.4%), Apparel (6.9%), Food/Wine (3.3%),
and Home and Garden (1.5%).
eNetwork Update - Michael Graham - mailto:michael@rsco.com
TICKETMASTER READY TO RISE - We see a disconnect between
accelerating business trends and the stock as a function of
pressure from sales of stock, particularly from individuals and
companies receiving stock after selling their companies to
Ticketmaster. We believe we are close to the completion of most of
these stock sales. For reference, the stock is down 40.7% from a
post-Q2 high of $40-1/16 on July 19. In our opinion, the company
leads in local content by a wide margin and is just beginning to
exploit local commerce opportunities, starting with tickets and
recently local auctions, dating services and more. We view this
market as quite large and view the stock as a core Web franchise.
LYCOS IN ASIA - In our view, Lycos continues to expand its network,
adding value that has not yet been reflected in the stock. We see
multiple positive catalysts that can compound to help the stock.
These include more acquisitions, as the company becomes eligible
for pooling transactions again at the beginning of October. Lycos
is also planning a spinout IPO of its European joint venture with
Bertelsmann. This week, Lycos and Singapore Telecommunications
Ltd. announced a $50 million 50/50 joint venture to target the
quickly growing Internet market in Asia. The venture will launch
local language Web sites in more than ten countries, beginning
later this year with China, Singapore, Taiwan, Hong Kong, Malaysia
and India. We view Chinese government rumblings this week about
potentially limiting foreign investment in mainland Internet
business as temporary political posturing and expect the
opportunity to remain open and large.
SPORTSLINE KEEPS BUILDING COMMERCE BUSINESS - SportsLine has
acquired TennisDirect.com, which sells more than 10,000
tennis-related products, ranging from equipment to apparel.
TennisDirect.com has a database of more than 600,000 customers.
SportsLine paid $1.5 million, including $770,000 of SportsLine's
common stock, and the remainder in cash and assumed debt.
SportsLine agreed to issue additional common stock, valued at up to
$900,000 to TennisDirect.com shareholders if certain revenue
targets are met over the next two years.
FOCUS ON eSOURCERS - We believe the eSourcing market for outsourced
content and commerce functions will approach $10 billion by 2003.
ENetworks and eTailers must provide a variety of content and
services on their Web sites to attract new users and encourage
return visits. These solutions can be complex and data-intensive.
Through outsourcing, these companies can focus resources on brand
development, customer acquisition, and other strategic activities.
We believe they will turn increasingly to eSourcers, as highlighted
below.
U.S. SEARCH EMERGING - We believe U.S. Search is the leading
provider of public record data and information search services,
including financial, criminal, and other information. The company
started by advertising its services on television, attracting
millions of people to pay to find lost loves, friends, and others.
The Internet makes these efforts easier. As the company increases
its advertising on the Web it appears to be reaching more
individuals who want to pay to check backgrounds on babysitters,
dates, etc. Corporations are also turning to the service to review
potential employees, even before U.S. Search aggressively markets
this service. We believe there is considerable upside to the
model, short and long term, as more people discover the value of
easily accessible information from these public, but previously
difficult to reach, databases.
MAPQUEST ADDS MORE VALUE - Mapquest continues to add services to
its offerings. In an agreement with SpeechWorks International,
Mapquest users will be able to receive driving directions over the
phone. Based on SpeechWorks' speech recognition technology, other
options will also be available, including e-mail, fax, MP3 file,
WAV file, send to my pager, send to my Palm Pilot, "send to my cell
phone" and "send to my voice mail". Beginning in Q1:2000, Mapquest
business customers will have access to SpeechSite, a service that
helps find and get directions to nearby business locations.
Mapquest also announced an agreement with AdAce to provide local
and regional advertising services to small businesses in Mapquest's
Travel Guide and Point of Interest areas. We believe these new
services could generate incremental advertising revenues for
Mapquest. We continue to believe the stock is attractive at these
levels with more positive news on the horizon.
ASK JEEVES HELPING MORE WEB CUSTOMERS - This week, Office Depot and
Williams-Sonoma became subscribers of Ask Jeeves' Question
Answering Service. Both companies plan to use the service to help
facilitate purchasing on their respective Web sites. Office Depot
plans to use the service to help navigate users to the appropriate
products and areas in response to office-related questions.
Williams-Sonoma plans to help users easily move through its online
gift and bridal registry area. We believe these large brand deals
could prove significant, depending on the traffic levels and number
of questions presented to the service.
INITIATING COVERAGE OF LOOKSMART - We initiated coverage of
LookSmart with a Buy rating this week. LookSmart is a leading Web
directory, which provides users with an effective way to search and
find relevant answers on the Web. Using human editors, LookSmart
has amassed and categorized one of the largest databases of URLs,
more than 800,000 unique URLs in more than 70,000 categories. We
find LookSmart's service to be a natural outsourcing solution for
other Internet brands lacking time, energy or money to handle this
type of service. Current partners include Microsoft, Netscape,
AltaVista, Excite@Home, and Lycos. With a strong editorial support
team, we believe LookSmart's Network will continue to provide value
to users trying to search the Web. We believe LookSmart has the
right strategy and management to grow into a leading Web brand.
eBusiness Update - Eric Upin - mailto:eric@rsco.com
STAMPS.COM READY FOR BIG ROLL-OUT - The company keeps building
partnerships as if prepares for the official national roll-out.
The company announced a strategic alliance with Deluxe Paper
Payment Systems to provide its online postage services to small
businesses that order checks and business forms through Deluxe.
Deluxe will begin offering its customers Stamps' service in
October.
eMarketing Update - Lowell J. Singer - mailto:lowell@rsco.com
P&G'S NEW AGENCY PAY PLAN COULD DRIVE INTERNET AD GROWTH: Procter &
Gamble, the world's largest advertiser, announced plans to change
its method for compensating advertising agencies. We believe that
this change could spur significant growth in Internet marketing
spending as we expect other advertisers to follow P&G's lead. In
July 2000, P&G will begin compensating ad agencies based on a
brand's sales performance instead of the traditional method of
paying on a percentage of all media spending. We believe that the
current system favors traditional forms of media like television
and print, while the new system will force agencies to be more
innovative and could encourage spending on newer types of media
like the Internet and direct marketing. We have argued that the
Internet will arrive as a mainstream media channel when large
packaged good companies start spending aggressively on the Web. We
believe P&G's announcement should dramatically accelerate the pace
of this transformation.
NBCi TO EXPAND REACH OF SNAP BRAND WITH CABLE TV DEAL: NBC
Internet, which will be formed by the merger of Xoom.com, Snap.com
and many of NBC's internet properties, will partner with Value
Vision TV to develop an integrated eCommerce strategy.
ValueVision, the third largest cable shopping network, will
re-brand its cable network and Web site as Snap TV and SnapTV.com,
respectively. In addition, NBCi will be the exclusive direct
marketing partner for Snap TV and will be able to target Snap TV's
1.5 million customers. We believe that this arrangement will help
expand both the reach of the Snap brand, which will be NBCi's
portal site, and NBCi's eCommerce opportunities. We expect that
this news will contribute to a strong rebound in Xoom's stock as we
move toward the closing of the NBCi merger at the end of October.
MYPOINTS.COM - INITIATING COVERAGE OF LEADING ONLINE LOYALTY
PROVIDER: We initiated coverage of MyPoints.com with a Buy rating
and price target of $40. We believe that MyPoints.com serves a
unique role as both a loyalty program and a direct marketer that
will allow the company to be a major player in the online direct
marketing business that we estimate could total $16 billion by
2002. MyPoints collects detailed personalized data on its members,
which allows the company to target offers to its members on behalf
of advertisers. We believe that there are broad applications for a
database with this level of member detail. In our view, MyPoints
is the best positioned online loyalty program given its co-branding
and private label agreements with key portals, its relationships
with advertisers and reward partners, and its strong management
team. MyPoints.com continues to experience dramatic membership
growth and currently operates the seventh most popular shopping
site, according to Media Metrix. We believe that there is upside
to our current estimates driven by faster-than-expected membership
growth and upside to our revenue per member estimates.
DOUBLECLICK WINS PATENT ON DART: DoubleClick was awarded with a
patent on the process and technology embedded in its DART ad
serving product. We believe that this patent, although unlikely to
lead to immediate licensing revenue, will further solidify
DoubleClick's position as the leader in ad serving. We believe
that DoubleClick's business remains strong and expect upside to our
Q3 estimates. We also expect further announcements about
incremental customer additions and new strategic alliances.
eServices Update - Steven S. Birer - mailto:steven@rsco.com
ACCELERATING REVENUE GROWTH - We expect very strong September
quarters for the Internet Enabler stocks that we cover, including
iXL, Modem Media, Razorfish and Viant. We believe these companies
are all doing good job of hiring to meet demand. We would expect
iXL and Viant to post 3Q-99 revenues more in line with our 4Q-99
projections and expect Razorfish and Modem Media to comfortably
exceed estimates as well.
WHAT'S THE RIGHT PRICE? - The strength of revenues has driven the
prices of the whole group of Internet Enablers to revenue and
earnings multiples that are unprecedented for services-based
companies. The challenge is that growth will eventually be limited
by how many consultants can be hired. One metric we look at is
market capitalization per billable consultant. Recent sales of
offline service companies have occurred at $2 million to $2.5
million per head. These sales seem cheap when we look at the
valuation afforded to online service companies like Scient, which
by our estimates is valued at somewhere between $7.0 million and
$7.5 million per head. At those prices, we should all become
computer programmers. In the end, we expect value as a multiple of
earnings will fall in line with sustainable growth rates. We
estimate eventual operating margins of 20% and net margins of 12%,
and sustainable 50% growth over the next five years. With respect
to our companies under coverage, Modem Media actually comes out
significantly undervalued by using this criteria: our implied
valuation would be $567 million versus a market cap of about $426
million or a market cap to implied value (MCIV) ratio of 0.75.
Razorfish, iXL, Viant, and Scient have MCIV ratios of 1.53, 1.50,
3.2, and 4.25, respectively. For all of these companies, the
outlook is great, in our view. Modem Media also seems undervalued
on a market capitalization per billable professional at only around
$1 million per head. As such, we believe Modem Media should
provide the best returns over the near term.
RESOLUTION SOON FOR NETWORK SOLUTIONS? - Last Friday, Network
Solutions and the Department of Commerce announced that the testbed
phase of the Shared Registration System has been extended until
September 30. The extension was agreed upon to allow additional
time for NSOL, Commerce and ICANN to finalize their agreement. We
suspect they are close on terms and believe this could be the final
extension. Regardless, business continues to steam along at
Network Solutions. By all appearances the company is on track to
post another stellar quarter, and business has been unaffected by
the regulatory issues being discussed by NSOL, DOC and ICANN. We
also believe that the final agreement will still provide Network
Solutions with fantastic growth opportunities and expect the stock
to benefit from the removal of uncertainty.
eHealth Update - Sheryl Skolnick - mailto:sheryl@rsco.com
CareInsite and AOL Form Strategic Alliance - Today CareInsite, the
provider of Internet health care network services, announced an
exclusive, four-year strategic alliance with America Online. The
agreement will enable CareInsite to provide a network enabling
physicians, HMOs, pharmacies and labs to communicate directly with
their patients (AOL's 18 million members). AOL and CareInsite will
create cobranded sites, which will enable AOL members to choose and
enroll in health plans and allow providers to review claims status,
view lab results, receive referrals and authorizations. In our
view, CareInsite's cost of $30 million for the alliance seems to be
a "bargain" relative to recent eHealth strategic alliances with
AOL. CareInsite also announced a contract to integrate iPlanet
end-to-end e-commerce solutions by the Sun-Netscape Alliance in
order to increase scalability and performance of the CareInsite
network. It seems that this agreement completes another piece of
CareInsite's strategy: (1) access to a trusted AOL brand as well as
(2) a huge market of 18 million members. In our view, CareInsite is
doing a good job aggregating assets in order to create distribution
of its services. However, while the puzzle pieces are lining up
nicely, two critical questions remain unanswered: (1) Does
CareInsite have a system that will work? (2) Will the physicians
use it? In our view, all eyes will be pointed to CareInsite's
expected product launch this month, as the company's success is
dependent on a smooth and seamless kick-off of a system that works.
eBrokers - Weekly Stock Volume Report - Scott Appleby -
mailto:scott@rsco.com
eBrokerage Volumes Report: Average daily volumes for the NetDex
and TechDex were up this week, September 8-14. Total volume for
the NetDex was 657 million versus the previous week's (September
1-7) volume of 456 million shares traded. While the 1-7 contained
only 4 trading days, average daily volume for the NetDex increased
15% from 114 million to 131 million shares traded. The TechDex
experienced an even higher growth in volume. Total weekly volume
for this week was 1.52 billion shares versus last week's reported
volume of 1.05 billion shares traded. This represents a 16%
increase in average daily volume from 262 million to 304 million
shares traded. While we're far from out of the summer slump, we
believe this is a sign for our eBrokers.
Last week, Bloomberg reported Nasdaq's September 1-7 volume at 3.43
billion shares traded, while this week volumes were up to 4.90
billion. Average daily volume saw a week over week increase of
14%, from 858 million to 980 million shares traded.
Although volumes are beginning to show signs of improvement, our
eBrokerDex steadily decreased this week, closing at 121 on
September 14, down 10% from last week's closing Index of 135. This
week's Index also represents a 66% decrease from the beginning of
the quarter's Index of 182. We believe, given the low prices and
current volume activity, now may be a good time to buy eBrokerage
stocks.
KNIGHT/TRIMARK UPDATE: Due to lower Nasdaq volumes and decreased
market volatility, we again lowered our estimates for NITE. Q3:99
has seen the company's volumes and volatility decline below overall
Q299 levels in this greater than expected seasonal trough. We are
measuring the volatility trend by the OEX Index, which reflects a
market consensus estimate of future volatility. Although volumes
are expectedly flat to down during this seasonally slow period, the
volatility trend is also down some 8% so far this quarter over last
quarter. In 3Q98 (a year ago), we saw the volatility index up 46%
quarter over quarter helping NITE report sequential quarterly
growth. If volumes and volatility do pick back up, NITE's revenues
and earning could rise commensurately.
INTUIT'S WEB PRESENCE GROWING - Intuit owns the leading online
position in the largest Internet market of all, the $25+ trillion
dollar electronic financial services market. Through Quicken.com,
INTU has created the leading one-stop shop financial services
portal. Currently, Intuit has financial products for online billing
& payment, banking, investment advice, insurance, mortgage,
payroll, tax, and business services (which will be the focus of
2000). With more than 16 million customers, mostly loyal users of
Quicken and QuickBooks software, Quicken.com generates the most
traffic of the financial Web sites. As the traffic on Quicken.com
continues, cross-selling revenues of its entire portfolio of
financial products are expected to rise exponentially. We believe
the eFinance consumer is a sticky customer who will generate
recurring revenue and believe that Quicken.com has many more
exciting announcements to come for the investor.
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Ticker Rating Price Price
9/16 9/9 1-Wk 52-Wk Chg
Chg High 52Wk
9/9 High to
to 9/16 9/16
ALOY BUY $14 5/8 $13 1/4 10% $23 1/5 -36.9%
AMZN SBUY $65 1/4 $63 5/8 3% $110 5/8 -41.0%
AOL SBUY $87 5/8 $96 1/4 - 9% $175 1/2 -50.1%
ASKJ BUY $40 1/4 $35 7/8 12% $77 4/5 -48.3%
AWEB BUY $ 9 1/4 $ 8 4/5 5% $50 -81.5%
BYND BUY $15 1/4 $16 - 4% $41 1/3 -63.1%
CBDR BUY $ 9 1/8 $ 9 3/4 - 6% $20 -54.4%
CDNW MP $13 4/7 $13 4/9 1% $39 1/4 -65.4%
CMDX BUY $22 7/8 $23 4/5 - 4% $34 7/8 -34.4%
CMGI NR $81 2/3 $87 3/8 - 7% $165 -50.5%
CNET BUY $39 4/7 $41 1/2 - 5% $79 3/4 -50.4%
CBLT BUY $11 7/8 $12 1/5 - 3% $12 1/5 - 2.7%
DRIV BUY $22 $23 - 5% $61 3/8 -64.2%
DCLK NR $108 5/8 $101 1/3 7% $176 -38.3%
EBAY BUY $151 3/4 $144 4/9 5% $234 -35.1%
EGGS NR $ 7 2/3 $ 7 1/2 2% $40 1/4 -80.9%
ETYS BUY $62 3/4 $43 5/8 44% $85 -26.2%
ATHM NR $37 3/8 $40 - 7% $99 -62.2%
GMST SBUY $62 1/3 $ |
