TheStreet.com Internet Sector Index Gets a Brand-New Look

Wall Street's most popular Internet index adds five new stocks and bids farewell to one.

Author:
Brian Louis
Publish date:
Jul 19, 2000 4:25 PM EDT

Wall Street's most popular Internet index adds five new stocks and bids farewell to one.

Changing to reflect the new face of Internet stocks, TheStreet.com Internet Sector index will have five new stocks added to it next week and will lose an underperforming member.

Effective at Monday's market open,

Internet Commerce Group

(ICGE)

DoubleClick

(DCLK)

Ariba

(ARBA)

and

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. Report

will be added to the

index, known as the DOT, which investors use to track the performance of Internet sector stocks.

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Egghead.com

(EGGS)

will be replaced by

priceline.com

(PCLN)

. The index revisions will bring the number of DOT components to 24.

The DOT, the most widely followed of Net-sector benchmarks, is down more than 20% since Jan. 1. It has, however, bounced back from its 2000 low of 713.87 in mid-April to the 867 level earlier this week, a 21% rebound.

Its high point this year was March 9, when it closed at 1333.22, just before

Nasdaq stocks were crushed. The DOT is down nearly 38% since that point.

Options on the DOT trade on the

Philadelphia Stock Exchange

and have become the most-used

index contract for the sector. The DOT, according to the exchange, accounts for more than 65% of Internet index options volume on all major U.S. options exchanges during the first six months of 2000. Trading in DOT options has averaged nearly three times the average daily volume of its closest competitor.

TheStreet.com Inc.

(TSCM)

and the

Philadelphia Stock Exchange

determine the composition of the DOT, but TheStreet.com receives no revenue from the trading of DOT options. TheStreet.com is the publisher of this Web site.