Internet Market Close Report for 1998.01.22
Steve Harmon | January 22, 1998
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ISDEX & Market Moves
Netscape (NASDAQ:NSCP) decides to give away its browser and goes a step further by putting the source code on the Web for programmers to use and create new features for it. See ISR January 6 for our timely call to make the browser client free. Free at last, free at last, free at last. The new chant being heard around Netscape's Mountain View CA headquarters.
Earthlink (NASDAQ:ELNK) falls to $31 per share after Everen Securities moves the stock to "near-term market perform" from "outperform." Everen reportedly bases its move on ELNK -- which was trading north of $36 Jan. 21-- was close to its $37 price per share target, inferring it must be overvalued. Ironically, a month ago Everen puts out a price target of $37 for ELNK and then when it nears this target it backtracks based on ELNK getting close to its target, which causes ELNK to tumble. Self-fulfilling and self-defeating prophecy?
PSINet (NASDAQ:PSIX) turns down a $10 per share offer from USinternetworking which wanted to acquire 51% of PSIX. PSINet issued a statement that mentions the proposed deal interferes with another agreement with digital line and long-distance firm IXC to sell it 20% of PSIX in return for high-speed backbone services.
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Excite (NASDAQ:XCIT) will become the new content service for Prodigy as the former leading online service bows out of content altogether. Prodigy will become solely an access provider, leading its users to a default page set up and maintained by Excite and its channels.