Open Market Up 130% ISDEX Sees Smaller Stocks Shine
January 6th, 2009Behind the sleigh ride was Open Market's debut November 30 of its 'eChristmas program' which lets small businesses add payment, credit card approval and transaction ability to their Web sites on a small fee basis--rather than having to buy and install huge commerce server software packages.
The move may foreshadow Open Market becoming more service-oriented rather than software-oriented in our opinion. There's a fine line between software and service on the Web but the key indicator is the business model.
Together with partner ICOMM, the eChristmas program charges a $100 sign-up fee, $100 per month service fee (with a one-month minimum) and $0.95 per transaction (exclusive of credit card fees).
Let's see how the ISDEX looks with the buying spree that took place the past few days, followed by healthy doses of profit taking. Net net, the second e-tail wave (smallbies) remain ahead, showing the strength of the overall belief in Web commerce, with not only e-tailers but enablers (CyberCash, Open Market, Security First) showing gains:
| ISDEX ® | 01-Dec-98 | % change | Point change | |
| The Internet Stock Index | close | from | from | |
| www.isdex.com | 24-Nov-98 | 24-Nov-98 | ||
| ISDEX | 234.74 | 2.0% | 4.59 | |
| NASDAQ | 2,003.75 | 1.9% | 37.87 | |
| DJIA | 9,133.54 | -1.8% | -167.61 | |
| Open Market | OMKT | $15.69 | 130% | $8.88 |
| CDnow | CDNW | $22.75 | 57% | $8.25 |
| 24/7 Media* | TFSM | $27.50 | 48% | $8.88 |
| N2K | NTKI | $16.50 | 45% | $5.13 |
| Egghead.com | EGGS | $25.19 | 38% | $6.94 |
| CyberCash | CYCH | $16.00 | 32% | $3.88 |
| Spyglass | SPYG | $24.50 | 29% | $5.50 |
| Security Dynamics | SDTI | $15.13 | 27% | $3.25 |
| Earthlink Network | ELNK | $66.00 | 24% | $12.75 |
| Onsale | ONSL | $54.25 | 24% | $10.38 |
| Sportsline USA | SPLN | $17.88 | 16% | $2.50 |
| Security First Technologies | SONE | $21.88 | 14% | $2.63 |
| Network Associates | NETA | $51.00 | 13% | $6.00 |
| Axent | AXNT | $25.50 | 11% | $2.44 |
| PSINet | PSIX | $20.00 | 10% | $1.88 |
| Mindspring | MSPG | $62.63 | 9% | $5.13 |
| IDT Corp | IDTC | $20.38 | 9% | $1.63 |
| Broadvision | BVSN | $24.50 | 8% | $1.88 |
| Excite | XCIT | $52.00 | 6% | $2.94 |
| eBay* | EBAY | $207.25 | 5% | $10.44 |
| Cisco | CSCO | $79.75 | 5% | $3.56 |
| Verisign* | VRSN | $38.13 | 2% | $0.88 |
| CheckPoint Software | CHKPF | $31.44 | 2% | $0.56 |
| Exodus* | EXDS | $36.88 | 2% | $0.63 |
| USWeb | USWB | $22.13 | 2% | $0.38 |
| Broadcom* | BRCM | $90.63 | 1% | $1.25 |
| Network Solutions | NSOL | $63.50 | 1% | $0.50 |
| Mecklermedia | MECK | $28.88 | 0% | $0.00 |
| Verio* | VRIO | $17.88 | 0% | $0.00 |
| CKS Group | CKSG | $31.88 | 0% | -$0.13 |
| Infoseek | SEEK | $32.81 | -1% | -$0.19 |
| America Online | AOL | $89.88 | -2% | -$1.50 |
| Yahoo! | YHOO | $206.25 | -2% | -$4.00 |
| Concentric | CNCX | $27.69 | -2% | -$0.56 |
| Amazon.Com | AMZN | $209.50 | -2% | -$5.00 |
| Inktomi* | INKT | $133.50 | -4% | -$4.88 |
| E*TRADE | EGRP | $25.44 | -5% | -$1.31 |
| ISS Group* | ISSX | $33.75 | -5% | -$1.88 |
| Open Text | OTEXF | $17.88 | -5% | -$1.00 |
| Netscape | NSCP | $37.75 | -5% | -$2.13 |
| Beyond.com | BYND | $24.88 | -6% | -$1.50 |
| RealNetworks | RNWK | $36.75 | -7% | -$2.75 |
| VocalTec | VOCLF | $12.06 | -7% | -$0.94 |
| Lycos | LCOS | $57.69 | -7% | -$4.63 |
| CMG Info | CMGI | $76.25 | -8% | -$6.75 |
| @Home Network | ATHM | $59.50 | -9% | -$5.56 |
| Doubleclick | DCLK | $36.31 | -10% | -$4.19 |
| Broadcast.com* | BCST | $62.50 | -11% | -$7.50 |
| CNET | CNWK | $50.81 | -13% | -$7.31 |
| GeoCities* | GCTY | $32.00 | -17% | -$6.56 |
Other stocks in ISDEX that rode the bull the past week include second-wave 'we do e-tail, too' stocks CDnow (NASDAQ:CDNW), Egghead.com (NASDAQ:EGGS) and ONSALE (NASDAQ:ONSL), which screamed to $97 per share amid eBay-inspired frenzy.
ONSL closed December 1 at $54.25 per share, up 24% since November 24. ONSL trades about 12% of eBay (NASDAQ:EBAY), despite being a similar peer group, Web-based auctions. One reason for ONSL's huge run but we believe EBAY is grossly overvalued and ONSL slightly undervalued--still.
Spyglass (NASDAQ:SPYG) finds some legs with a 29% rise to $24.50 per share. No official news for the pop, but some buzz that SPYG may be a good takeover candidate. The cable set-top or PC companies could use Spyglass' embedded browsers for devices, an area that we think could be bigger than PCs in the next 5 years.
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