More how now for the Dow? Not. The industrial bellwether takes a breather from its record run as the overall market lacks the drivers: earnings, consolidation and general hoo haa for all things Internet. Even AT&T’s bid for MediaOne failed to attract a crowd.
And once again Warren Buffett tosses a few bearish words about technology stocks out there despite saying that Berkshire’s own jewelry firm could benefit from the Internet.
Every time tech stocks take a dive Buffett appears with the same comments, these came at Berkshire’s annual shareholder meeting. ISDEX was up 187% in 1998 and up 100% year to date in 1999. ISDEX closes at 548.74 today with a change of-22.34(-3.91).
Priceline.com (NASDAQ:PCLN), the name your price service, posts $49.4 million revenue for first quarter, up from $19 4Q98. Losses are $17.6 million vs. $73.7 million 4Q. One thing investors may not realize here is PCLN’s huge number of shares outstanding that push the market cap to $19 billion. I like Priceline’s model but think it has to get beyond the ‘sell the last seat on the plane’ nobody wanted approach.
Sportsline (NASDAQ:SPLN) reports page view traffic up 70% to 8.8 million vs. last April. Counts 700,000 average daily visits to its Web site, up 40%. Sportsline is one of the few stocks to end up today, 1% to $38 per share.
CNET (NASDAQ:CNET) agrees to acquire Web directory site Sumo for 230,000 CNET shares. The move adds more Internet-centric content to CNET’s techie focus. Sumo operates an ISP list, Web designer list.
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