Infoseek Slides On Deal
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Shares of Infoseek Corp. were among several Internet issues trading lower at midday Monday. Infoseek shares were slumping on news that Walt Disney Co. will merge Infoseek with its Buena Vista Internet Group.
Just after noon, internet.com's Internet Stock Index was off 11.27, or 1.98 percent, to 558.45, the Nasdaq Composite was off 1.80 to 2,791.27 and the Dow Jones industrial average had fallen 22.80 to 11,170.90.
Infoseek Corp. (SEEK) was off 4 to 47-1/2 on news that Walt Disney will combine Buena Vista Internet Group and Infoseek, folding them into its Go.com unit. Disney will also create a separate tracking stock for its Internet assets.
Many of the other sector leaders were lower, including Yahoo! Inc. (YHOO), off 5-3/16 to 154-13/16, America Online Inc. (AOL) down 2-9/16 to 125-11/16 and eBay Inc. (EBAY) falling 4-11/16 to 131-1/16.
Online brokers were mixed. Ameritrade Holding Corp. (AMTD) was off 11/16 to 37-7/16. The company Monday posted a fiscal third-quarter profit of $8.9 million, or 5 cents a share, beating analysts' estimates of a 3-cent profit. Elsewhere in the sector, E*Trade Group Inc. (EGRP) had lost 5/8 to 39-1/8, National Discount Brokers Group Inc. (NDB) was down 1-5/8 to 52-9/16, Southwest Securities Group Inc. (SWS) was up 7/16 to 67-5/16 and Siebert Financial Corp. (SIEB) had climbed 1/8 to 26-1/4.
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