Word: yahoo
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Dates: during 1990-1999
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...another massive merger in the Internet biz. Last week At Home picked up Excite; today Yahoo throws free home page service GeoCities into its shopping basket. The latest deal makes Yahoo much bigger, second only in reach to the mighty America Online. Quite a feat if you consider that no one's browser comes preloaded with a Yahoo home page. And what a validation for GeoCities, a company that seemed absurd as recently as last year -- will anyone ever make money on free web sites...
...yesterday afternoon, the dial-up king has 17 million customers. Key is the value of users, not at this point in the game for how much they'll give you but for how much some other web contender will pay to include your users in their "network." (Watch for Yahoo to start calling itself just that, now that GeoCities gives it a big property with a completely different brand...
...took Intel 24 years to reach $50 billion in market cap, while it took Yahoo less than two years. For some, even Intel's price seems hard to swallow, given the relative maturity of its business and its growth prospects. But increasingly, even institutional investors are flocking to stocks like Yahoo as the performance of the Net stocks has put less aggressive investments to shame...
...market values hardware makers by a much more stringent standard than the newer Net businesses. Even though Intel and Seagate, the largest maker of personal-computer disk drives, signaled that sales are extremely robust, they are still in an industry that will be lucky to grow 20% in 1999. Yahoo, by contrast, is in a business that seems to double every six months. Its stock is up 14% in the first half of January, after rising 584% in 1998. If advertisers come to view the Net the way they view television, as a medium where it's worth spending billions...
Investors buy prospects, and the prospects are for a year of record earnings at Intel and another year of monster growth at Yahoo. But the volatility in tech and the Net in particular has increased dramatically, to the point where only thrill seekers can bank solely on the latter. At one point last week, with Yahoo up 90 points, to 443, I let go some stock, and was happy to buy it back some 100 points lower a day later, when, despite reporting blowout earnings, it had fallen with the rest of the Net stocks...