NEW YORK ( TheStreet) -- Internet stocks have been on fire recently following surprisingly robust earnings reports. Back on June 6 I wrote, " IPO Report Card: Ups and Downs of Internet IPOs" in which where I showed the performances of nine Internet companies that have gone public in recent years. I showed the dramatic ups and downs of these stocks, including those that were considered to be failures as IPOs. My updates today explain how some of these stocks have become parabolic recently. Seven of the nine stocks have logged two-month gains of between 26.2% and 96.7%. These companies went public between May 2009 and May 2012. At ValuEngine we have enough data to provide valuations and ratings. Three stocks are undervalued, and four are overvalued by 40.8% to 96.7%, reflecting that price momentum may have gone too far. This predicament often occurs as bubbles in the equity markets are inflating.
The Nasdaq set a new multiyear high at 3694.18 on Monday, which is well within the dunce-cap dome of the March 2000 tech bubble, as shown in the following monthly chart. The March 2000 high was 5132.52, and the October 2000 low was 3026.11. In March 2000, I reiterated a prediction that the Nasdaq would fall into the 3500 to 3000 range by the end of that year. Today I show a quarterly value level at 3284 with a monthly pivot at 3663 and a semiannual risky level at 3759.