BANCBOSTON ROBERTSON STEPHENS
The Internet Stock Team
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September 24, 1999
The Web Report - Volume 2, Issue #38
Internetstocks.com Overview - Keith E. Benjamin -
mailto:keith@rsco.com
This week, the NETDEX index increased 1% to 517.90, compared with
the NASDAQ's 2% decrease.
While the NETDEX is up approximately 27% from its August lows, it
is still down about 35.4% 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.
IS TOO MUCH NEW OR NOTHING NEW? - We admit to being caught in the
routine of the stock cycle; we remain enthusiastic but are somewhat
lulled into the pattern. We've been groping to sort through all
the new public companies to find something fresh and exciting.
ICGE jumped out with its eBusiness strategy into a rather fair
valuation. What's next? We still think CMGI's stock is ready to
run. Generally, the stocks feel heavy. We expect more stocks will
sneak up on us for a week or so, waiting for September reports,
although we believe investors will need big numbers to wake up and
care, suggesting selective recovery. We expect Yahoo! will
continue to post impressive results, reaching new levels of
business activity in commerce and international over the next few
quarters. In our view, Yahoo! is positioned to capture a
disproportionate share of the Web's upside with less controversy
than almost any other stock in the group.
IF THE PRICE IS ZERO, IS IT WORTH ANYTHING? - After being exposed
to marketing gimmicks for a few decades, we know nothing commercial
is really free. While our perspective may be jaded, we note
increasing fears about bundling of computers and access, with parts
of the package offered for nothing. As discussed below, AOL
appears to be growing steadily despite this noise. Can any of
these new, free services demonstrate any significant growth? Our
short answer is no. We are more intrigued by some of the new direct
marketing angles, like AllAdvantage.com, which pays consumers to
download its ViewBar and be exposed to advertising. The company
also pays for referrals, enabling viral marketing, already reaching
over 2 million people in the last few months. This offsets the
access cost, whether dial-up or broadband, and allows more consumer
choice. It is more complementary than competitive to an AOL.
eTail Update - Lauren Cooks Levitan - mailto:lauren@rsco.com
The eTailDEX slid this week, decreasing 3.5% to 1103.8 versus
1144.4 last week. While the eTailDEX is currently up 36% from the
recent low of 812.5 on August 4th reflecting heightened investor
enthusiasm surrounding the upside opportunities presented by the
upcoming holiday season, it is still down 39% from the 52-week high
of 1807.45, indicating there is room for considerable upside.
This week we got additional data from the August MediaMetrix
results indicating that eTailers are heading into the key holiday
shopping season with impressive momentum. Specifically, despite
our expectations that August MediaMetrix results would reflect an
overall seasonal downturn mirroring offline shopping patterns,
shopping unique visitors remained essentially flat in August versus
July, declining a very modest 0.4% from 42.6MM to 42.5MM. We view
this as the latest in a summer-long series of strong indications
that online shopping may surpass already aggressive expectations
for the fall and holiday shopping seasons. For this reason,
coupled with our expectation that Q3 results will not bring
negative surprises, we look for continued strong moves in the group
over the coming weeks.
PRICELINE - A RISK FREE STEP INTO A NEW BUSINESS - Priceline
announced the formation of an affiliated company that will be the
first licensee of its patented, name-your-price business method.
The new company is a privately held startup to be called
Priceline.com WebHouse Club (PWHC). The affiliated company, which
allows consumers to name their own price on grocery items, is being
funded by an expected $65MM first-round investment from Walker
Digital, Paul Allen's Vulcan Ventures, Wit Capital, and Goldman
Sachs. Sources of upside to Priceline include the ability to
benefit from the considerable advertising we expect from the new
company as it launches first in the NY/NJ/CT tri-state area during
Q4 and later nationally. In addition, all consumers that receive a
WebHouse Club card must go to priceline.com to activate them, which
should increase site traffic and create opportunities for Priceline
to promote its existing travel, auto and financial products.
Further, Priceline will receive high margin royalties from PWHC
establishing a licensing opportunity which we believe can be
applied to other businesses. We note that we believe Priceline can
enter new markets more quickly through licensing its patented
demand collection system while also driving higher gross margin
rates. Finally, while Priceline has no financial exposure or
downside risk associated with PWHC, Priceline holds warrants to
become PWHC's majority shareholder. So, we view this affiliated
company as a positive for Priceline, despite the fact that it
remains to be seen how many consumers will be willing to shop
online before completing their shopping in the grocery store.
EBAY'S FACES NEW FOES - Last week, several of the biggest online
players including Microsoft, Dell, Lycos and Excite@Home agreed to
link their auctions through Fairmarket, an auction outsourcer.
While news of this move surely signals a shift in the competitive
landscape for online auctions, we do not believe it signals
disaster for leading auctioneer eBay. However, the announcement
was enough to spark a major sell-off in eBay shares (shares of eBay
are 9% below the pre-announcement level) and we believe is likely
to cause continued near-term stock price volatility. While we
certainly view this alliance as a formidable foe, we believe it is
eBay's sizable lead on its competition which spurred these players
to come together, basically acknowledging the difficulty in trying
to beat eBay at their own game. While we do expect these players
to capture some share of the online auction market, we suspect the
rapidly growing market is large enough to support multiple players.
In our view, eBay is solidly positioned to remain the leading
online auction destination, particularly for the most active buyers
and sellers, given its strong community and proven security
standards. As eBay continues its rollout of its regional and
vertical niche sites over the coming months, we expect eBay could
further strengthen its buyer and seller relationships and as a
result, its lead in the consumer-to-consumer market.
AMAZON'S PRIVATE LABEL PROGRAM POINTS TO BRAND'S UBIQUITY - Last
week Amazon launched its first line of private label merchandise.
While limited to bags such as totes, backpacks, and laptop cases,
we believe Amazon's private label opportunities could extend to
several other categories such as notebooks, apparel, and other
accessories over time. The lure of private label programs is higher
than average gross margins coupled with strong brand exposure
(every branded product effectively becomes a mini advertisement).
We believe the amazon.com brand has evolved well beyond its book
eTailing roots and now stands for online shopping and Web culture
in general.
WEDDING BELLS FOR AMAZON.COM AND DELLA & JAMES - Online wedding
registry Della & James announced that it raised $45 million from
Amazon.com and some of its retail partners including Neiman Marcus,
Crate & Barrel and Williams-Sonoma. Amazon's approximately $25
million investment represents about 20% of the company, placing
Della & James' value between $125-130. Della & James also
announced that they would be expanding their online service, from
wedding registry only to gift registry for all occasions, in time
for this holiday season with Amazon.com joining as a retail partner
(several other retail partners are expected to be announced soon).
We believe online gift registry offers an ideal combination of
commerce and functionality, combining the convenience of the
Internet with the opportunity to shop from brands that customers
know and trust. The Della & James model features deep integration
with its retail partners, allowing them to leverage the strong ties
customers may have with existing retail brands. We believe that
this model, which bridges the internet to existing retailers and
their brands, holds significant promise and we are encouraged to
see Amazon.com addressing the gift opportunity in this manner.
COMMERCE DEPARTMENT WILL MAKE eCOMMERCE STATISTICS OFFICIAL - The
Commerce Department announced this week that they will finally
begin tracking eTail sales next month. Currently, retail sales are
tracked through monthly surveys of retail stores. Beginning in
October, for the first time, companies will be asked what
proportion of their sales took place online. The results will not
be released to the public until the accuracy of the data is
validated, and the Commerce Department will announce its future
plans to release its findings in February. The electronic commerce
component of the U.S. economy is already too significant to be
ignored by the Federal Government, and we therefore look forward to
"official" statistics regarding eTail sales beginning in early
2000.
eNetwork Update - Michael Graham - mailto:michael@rsco.com
YAHOO! ADVERTISING RATE INCREASE - ONE PART OF BIGGER STORY - While
there has been no formal announcement, we understand Yahoo! has
been increasing the rates across its inventory. Because of the
wide range of pricing options, including discounts, its difficult
to estimate averages. However, looking towards next year, we
believe the increase will end up being greater than prior moves,
maybe closer to double digits than single digits. For the next two
quarters, we remain highly confident on Yahoo's rapid growth rate.
For the September quarter, we expect impressive growth metrics
across the board. For the December quarter, we believe the company
may finally have fixed its commerce strategy, enabling it to
capture more holiday shopping dollars in its new mall which
includes more branded stores with improved merchandising. We also
believe the numbers from international markets are starting to rise
to significant levels. Strategically, we see Yahoo! reaching more
people, providing more services and capturing more money. We
expect more announcements of new services from broadband content to
communications tools across multiple devices, with more modest,
fill-in acquisitions. Yahoo! has generally remained independent of
access, which continues to be a competitively challenged space. We
expect this position will remain profitable and look to Yahoo! to
reach new levels of service, profits, and even stock prices.
AOL MEMBERSHIP GROWTH AT RECORD LEVELS - Despite concerns regarding
price competition, AOL appears to be on track to beat membership
growth estimates for the September quarter. We estimate the core
AOL branded service will add over 850,000 net new members, compared
to our estimate of 800,000. We expect international AOL membership
to roughly meet our 100,000 estimate, although international
CompuServe may be down a bit. The good news is that CompuServe
2000 has already added 300,000 new members. The bad news is that
this is part of a $400 rebate program, bundling computers and
service contracts, now extended through the December quarter. As
the company continues to demonstrate rather strong growth in its
higher margin AOL brand, we view the CompuServe growth as
incrementally positive. In terms of other issues, we would not be
surprised if AOL considered making acquisitions to replace its
expiring deal with Excite @Home to provide search and director
services. While this might be positive, we have been challenged
recently to pinpoint catalysts for AOL's stock, other than just
general group recovery.
EXCITE@HOME SIGNS PARTNERSHIP WITH DELL - Excite@Home is partnering
with Dell to offer a "one-stop-shop" for PCs and broadband Internet
access. Consumers will be able to order both a Dell computer and
@Home service with a single phone call to a Dell service
representative or a visit to the Dell Web site. We believe this
agreement provides another valuable marketing channel for the @Home
service with Dell shipping more than 600,000 consumer and SOHO PCs
per quarter. We also view this cross marketing plan as the first
step in offering "@Home-Ready" PCs, with software and modems built
right in, which should speed the pace or rollout and provide upside
to our subscriber growth estimates. Short term, we believe
Excite@Home's stock could be volatile as investors might overreact
to open access developments and AT&T-related news, either positive
or negative. We believe the first important event will be when the
appeal process involving open access in Portland, Oregon begins.
We expect the first data point from that process in November with
rest of the news spilling into next year before final resolution.
We continue to believe the issue will subside with little impact on
Excite@Home's business.
CMGI EVOLVING AS OPERATING COMPANY - This week CMGI announced its
intent to acquire AdForce (ADFC $20 1/8) for an estimated $515
million. CMGI now owns majority interests in several Web
advertising management companies, including Engage, which combined
with Accipiter, AdSmart, and I-Pro. We believe that this
acquisition demonstrates CMGI's ability to build a competitive set
of companies in key Web segments, like advertising, through
acquisition. CMGI's partner companies can provide strategic help
across categories. We believe that AdForce can become much more
valuable as a subsidiary of CMGI than as a stand-alone public
company and we expect it can raise our asset value estimate for
CMGI over time. We believe the combined companies are now a
viable, second place competitor to DoubleClick. Additionally, we
believe CMGI is continually pursuing venture investments to
complement other investment themes and expect similar strategies in
rounding out their Internet outsourcing, Web community and
eCommerce areas. Also this week, NaviNet signed an agreement to
provide outsourced dial-up access to Prodigy users. We continue to
view NaviNet as one of the more valuable assets in CMGI's
portfolio. We estimate CMGI's conservative asset value is $67. If
we take an optimistic stance regarding the IPO prospects for each
of the more than 40 investments, we estimate the asset value at
$135. We believe that CMGI can serve as a proxy for the Internet
stock group and believe investors will continue to pay a premium
for the investment expertise of CMGI management. With the stock
comfortably in our range of asset value estimates, we continue to
rank the stock at the top of our list.
TICKETMASTER MOVING FORWARD - TicketMaster Online-CitySearch
completed its acquisition of MSN Sidewalk's Entertainment City
Guide this week. Microsoft took a 9% interest in TMCS, with the
option to increase its share to 13% through warrants. As a result
of the acquisition, TMCS expands its reach from 33 cities to 77
cities, leaving TMCS as the clear local leader, charging stores for
Web classified listings. We expect TMCS to add layer of
consumer-based revenues above tickers, including dating services,
etc., gaining more revenue per person. We believe TMCS will
continue to build out local service offerings through other
acquisitions and/or partnerships. We expect its numbers for the
quarter will be enough to gain investor attention.
GEMSTAR IN MORE BOXES - The company may be reaching more people
with its advertising-based guides faster than we had anticipated.
We believe Gemstar's existing relationships with consumer
electronic manufacturers will help extend the company's reach into
new platforms. For example, although Gemstar had previously signed
a deal with Sony to include the EPG in Sony televisions,
Cablevision recently announced that it will purchase at least three
million set-top boxes from Sony which we believe should include the
Gemstar guide. This leverages the existing relationship with Sony
and could equate to approximately $30 million in licensing fees for
Gemstar. We believe Gemstar has cleared the hurdle of securing
licensing arrangements with these large companies opening the door
for Gemstar's EPG to find its way into almost any interactive TV
platform. We believe electronic manufacturers have realized that
Gemstar can enable them to add more features to their devices
enabling them to raise average selling prices. Also, once one
manufacturer starts putting the guide into their products, we
believe that it creates competitive pressure for other
manufacturers to do the same. Additionally, we believe General
Instrument may feel pressure from Sony's entry into the set-top box
business and therefore may be more willing to reach a deal with
Gemstar. The issue may now be more urgent based on Motorola's
intended purchase of GI. We continue to find the risk/reward
profile of the stock compelling.
STUDENT ADVANTAGE TEAMS UP WITH ESPN: Student Advantage's FANSonly
network and ESPN are jointly providing live audio and other
exclusive content to Web users. We view the partnership as
mutually beneficial, with ESPN's users gaining access to top
collegiate information and content and FANSonly users gaining
access to direct broadcast feeds. Student Advantage also relaunched
its site, which now sports a new look and feel, plus additional
content and commerce links. We expect the company will continue to
update the site in order to attract and maintain a loyal student
member base.
STAMPS.COM BACKLOG OVER 100,000 - The company has been somewhat
overwhelmed by the demand for its service, with over 100,000 small
businesses and individuals signing up for the service since it
started collecting names a few weeks ago for backlog in
anticipation of the official launch. Part of this was in response
to initial advertising on AOL, which will eventually include
bundling of the Stamps.com software on AOL disks. In order to
better prepare for full national availability, the company is
delaying the launch a few weeks from the end of September to around
the middle of October. We continue to favor Stamps.com's
competitive position and view its opportunity as relatively
open-ended.
eMarketing Update - Lowell J. Singer - mailto:lowell@rsco.com
YAHOO! & OTHERS RAISING AD RATES: We understand that Yahoo! and
CNET have officially raised rates across the board, starting now
through next year. These rate cards are made available to clients
and list prices on different part of the site under different types
of deals. As such, its difficult to calculate an average rate or
average increase. Generally, we've seen higher page prices on the
more popular pages that attract key targets, like the financial
pages. CNET indicated it increased prices on some of this type of
inventory by over 15%. Random or rapid page views have seen lower
prices. This year, we understand the order of magnitude of the
average price increase has been greater, particularly at the
largest sites, like Yahoo!. The smaller sites have been helped by
the aggregation of inventory under sales organizations and
technologies. We believe that the targeting databases being built
by DoubleClick, MatchLogic and Engage will allow advertisers to
reach a highly targeted audience via all Internet ads, not merely
those tied to key word searches or vertical channels (like
technology or finance pages).
DOUBLECLICK SETS PACE IN INTERNET ADVERTISING: We believe that
DoubleClick remains the leader in Internet advertising though
CMGI's acquisition of AdForce will improve its competitive
positioning. DoubleClick will continue to own the largest Internet
ad sales network and lead the industry in number of ads served. In
addition, we believe that CMGI intends to honor the remaining 2+
years on the DoubleClick/Alta Vista contract. We expect that Alta
Vista could comprise less than 10% of DoubleClick's revenue when
the contract expires at the end of 2001. We believe that
DoubleClick is experiencing a strong Q3 in both its ad sales and ad
serving businesses, and that the stock price will continue to grow
over the next few months as seasonal ad spending gains momentum.
MYPOINTS AND EXCITE ANNOUNCE CO-BRANDED PROGRAM: MyPoints.com
announced a co-branded online incentive program with Excite @Home
that will enable users to earn MyPoints through interaction with
the Excite Assistant program. MyPoints.com provides co-branded or
private label loyalty programs to a wide array of partners
including Xoom.com, USA.NET, Talk City, Prodigy, NextCard and GTE.
We believe that these programs will drive rapid growth of the
company's membership database and further solidify MyPoints.com as
the leading online loyalty program. We expect the stock to react
favorably to this and future co-branding agreements.
eBusiness Update - Eric Upin - mailto:eric@rsco.com
ICGE REPORTS FIRST PUBLIC QUARTER - ICGE reported results for the
June quarter. Revenues were $4.5 million and operating losses
$11.2 million in Q2. At this stage, its financial statements only
capture a minority portion of its operating companies. If we look
at the company on a consolidated basis, its partner companies
generated combined revenues of roughly $60 million, with the 18
market makers posting sales of about $19 million. ICGE continues
to take large ownership positions around 40% on new acquisitions on
the 8 new and 12 follow-on purchases in the quarter. We understand
the company is targeting 11 new markets and expect more news as
companies are funded. Some markets may be started through the
acquisition of non-Internet companies, which can provide a good
start for new Web vertical markets. ICGE already has strategic
partners, including Dell. We also expect strategic partners are
possible by yearend. We continue to believe ICGE has the right
strategy, although we expect the stock may need a break for news to
catch up.
CHEMDEX LEVERAGES TECHNOLGY IN NEXT VERTICAL - Compared to ICGE's
$10+ billion market capitalization, Chemdex appears to be
intriguing at $1 billion, as it expands to its second
business-to-business vertical market. We believe Chemdex leads in
the life sciences segment, which is roughly a $10 billion
opportunity. Chemdex has developed its web-based technology to
more efficiently match these buyers and sellers of biotechnology
and other life sciences products. The plan is to use the Chemdex
technology at Promedix, which will spin off its legacy distribution
business. Tenent Healthcare, which owns hospitals and spends over
$2 billion per year on healthcare supplies is making a $5 million
investment in Promedix.com. Promedix is in its early stages of
servicing the broader health care market, which represents a large
opportunity than just life sciences. Promedix focuses on the $35
billion specialty hospital supply market. We expect average
purchase sizes and volumes to be somewhat larger, with gross
margins somewhat lower, than life sciences products. We expect the
deal to close by year end and impact estimates in 2000 but will
wait to adjust our model until after Chemdex reports its September
quarter. While we don't expect Chemdex to enter the next vertical
market this year, we expect more expansion by next year. The
challenge in each of these markets is to judge how quickly buyers
and sellers will shift purchasing to the Web. For reference, we
estimate Chemdex revenues will be $2.8 million for the September
quarter. Chemdex continues to add new suppliers and customers in
this fragmented market and we expect it will reach an inflection
point over the next few quarters where revenue growth accelerates
from higher levels. For now, the upside appears relatively
open-ended.
eBrokers - Weekly Stock Volume Report - Scott Appleby -
mailto:scott@rsco.com
INSWEB LEADING ONLINE INSURANCE MARKETPLACE - The company is
scheduled to report on October 26. We believe that the new
Customer Service Center and Insweb's increasingly growing data
warehouse could take the company to the next level. The company's
new Customer Service Center has already grown to 40 employees,
helping make the eInsurance shopping experience more enjoyable and
assisting in the completion of the online form. We are especially
enthusiastic about the opportunity for the eCare center to be the
foundation for the move towards a policy fulfillment model from a
referral model (thus, generating a steady recurring revenue base).
Additionally, another effort to increase INSW's online completion
rate to over 50%, is a new plan to pre-populate the customer data
onto the online insurance forms. Furthermore, Insweb's data
warehouse has grown to over 2.5 million customer profiles, which we
believe to be an invaluable source of data to insurance carriers,
car dealers, etc. Insurance carriers could be the most interested
in Insweb's data, helping them gain a real-time understanding of:
underwriting analysis, comparative win/loss ratio, target marketing
effectiveness, cross-selling opportunities, and improved
profitability. We believe the database could provide carrier cost
saving and business improvements of tens of billions over the next
five years. Finally, Insweb leads the industry with 118 online
partnerships. The company recently announced the addition of new
carriers including PacifiCare Health Systems, Blue Cross and Blue
Shield of South Carolina, and Central States Health & Life Co. of
Omaha. We believe Insweb is a good opportunity to participate in
the growing online insurance sector. This is one of our best ideas
today.
VOLUMES UPDATE - Average daily Nasdaq volume for the week,
according to Bridge, was 930.8 million shares traded with Monday's
volume being significantly lower at only 766 million shares due to
Yom Kippur. Total Nasdaq volume for the week was 4.65 billion
shares traded, down 250 million shares (roughly equal to Monday's
loss) from last week's total of 4.90 billion. The NetDex was also
slow this week, with 640 million shares traded, down 3% from last
week's (September 8-14) volume of 657 million shares. The TechDex
also took a 3% dip from last week's volume of 1.52 billion shares,
coming in at 1.47 billion shares traded. For the first 12 weeks of
the quarter, total NetDex volume was at 8.53 billion shares traded,
down 26.3% from last quarters' first 12 week volume of 11.57
billion shares. The TechDex was similarly down, with third quarter
volumes at 17.00 billion shares for the first 12 weeks, down 23%
from last quarter's 12 week volume level of 22.05 billion shares
traded. While seasonality still appears to be an issue, October
has been a strong volumes month for the Nasdaq in recent years, and
we believe we may see a similar trend this year.
Given the current volume levels, the eBrokerDex remains near its
low. The Index fluctuated this week, reaching a high of 124 on
Monday, then settling down at 119 for the week, 2% lower than last
week's Index of 121. The eBrokerDex is currently down 37.7% the
end of last quarter's Index of 190. Once again, now may be a good
time to buy eBrokerage stock given the low prices.
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Ticker Rating Price Price
9/23 9/16 1-Wk 52-Wk Chg
Chg High 52Wk
9/16 High to
to 9/23 9/23
ALOY BUY $13 1/8 $14 5/8 -10% $23 1/5 -43.4%
AMZN SBUY $62 1/4 $65 1/4 - 5% $110 5/8 -43.7%
AWEB BUY $ 9 $ 9 1/4 - 3% $50 -82.0%
BYND BUY $13 3/4 $15 1/4 -10% $41 1/3 -66.7%
CDNW MP $12 1/3 $13 4/7 - 9% $39 1/4 -68.5%
CBLT BUY $10 $11 7/8 -16% $12 1/5 -18.0%
EBAY BUY $138 1/4 $151 3/4 - 9% $234 -40.9%
EGGS NR $ 7 $ 7 2/3 - 9% $40 1/4 -82.6%
ETYS BUY $55 2/3 $62 3/4 -11% $85 -34.5%
ONSL NR $14 $15 1/8 - 7% $108 -87.0%
PCLN SBUY $65 $57 1/8 14% $165 -60.6%
PTVL BUY $15 1/5 $16 2/3 - 9% $36 -57.8%
VUSA BUY $14 3/8 $13 2/3 5% $74 1/4 -80.6%
ETAILDEX 1,103.80 1,144.42 - 4% 1087.45 1.5%
AOL SBUY $87 1/2 $87 4/7 0% $175 1/2 -50.1%
ASKJ BUY $40 $40 1/4 - 1% $77 4/5 -48.7%
CBDR BUY $ 8 2/3 $ 9 1/8 - 5% $20 -56.6%
CMDX BUY $28 $22 7/8 22% $35 -20.0%
CMGI NR $81 3/4 $81 2/3 0% $165 -50.5%
CNET BUY $48 3/8 $39 4/7 22% $79 3/4 -39.3%
DRIV BUY $20 7/8 $22 - 5% $61 3/8 -66.0%
DCLK NR $111 3/4 $108 5/8 3% $176 -36.5%
ATHM NR $36 1/5 $37 3/8 - 3% $99 -63.4%
FATB BUY $15 1/4 $16 3/4 - 9% $31 5/8 -51.8%
GMST SBUY $69 4/7 $62 1/3 12% $77 1/2 -10.2%
GETY BUY $24 $20 5/8 16% $30 1/2 -21.3%
HOMS BUY $49 1/4 $51 4/9 - 4% $59 7/8 -17.7%
SEEK MP $28 1/3 $29 5/8 - 4% $100 -71.7%
INSP BUY $41 $44 2/3 - 8% $72 5/8 -43.5%
ICGE BUY $91 3/4 $74 3/4 23% $107 1/2 -14.7%
LOOK BUY $30 4/7 $33 3/8 - 8% $43 1/3 -29.4%
LCOS BUY $43 3/8 $43 1% $72 2/3 -40.3%
MQST BUY $12 1/2 $12 2/3 - 1% $28 -55.4%
MMXI BUY $61 1/8 $44 1/8 39% $70 1/4 -13.0%
MMPT SBUY $38 1/2 $34 3/4 11% $55 1/8 -30.2%
MLTX BUY $14 1/2 $17 1/4 -16% $71 1/2 -79.7%
MYPT BUY $17 1/8 $17 7/8 - 4% $26 1/2 -35.4%
NETG NR $31 $29 1/2 5% $66 7/8 -53.6%
NETP BUY $16 4/5 $17 - 1% $35 -52.0%
NSOL BUY $65 3/8 $67 - 2% $153 3/4 -57.5%
QKKA BUY $ 9 1/8 $10 - 9% $15 7/8 -42.5%
SPLN BUY $32 $25 1/2 25% $59 1/4 -46.0%
STMP BUY $39 2/3 $35 13% $52 1/2 -24.4%
STRM BUY $38 $41 5/8 - 9% $70 -45.7%
STAD BUY $11 1/2 $12 4/9 - 8% $15 1/4 -24.6%
TMCS BUY $24 $23 3/4 1% $80 1/2 -70.1%
SRCH BUY $10 $12 2/3 -21% $17 3/8 -42.4%
XMCM BUY $43 $35 5/8 21% $98 1/2 -56.4%
YHOO BUY $173 3/4 $163 4/9 6% $244 -28.8%
UBET BUY $ 7 $ 8 1/8 -14% $24 1/4 -71.1%
NETDEX 517.90 513.19 1% 801.41 -35.4%
KEBDEX 777.79 772 |
