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RealTime IT News

Internet Market Close Report for 1998.05.01

Market Close Snapshot

  01-May-98 % change point change
ISDEX 164.72 -0.40% -0.66
ISDEX Price Wtd. 1,706.91 0.44% 7.41
NASDAQ 1,873.44 0.27% 5.03
DJIA 9,147.07 0.92% 83.70

  • Mindspring (NASDAQ:MSPG) files to sell 1.65 million shares of its stock, 1 million new shares and 650k from selling stockholders. Looks like many Internet firms are cashing up for the battles ahead. PSINet, Verio and Amazon all are placing or have all tapped the bond market to do so.

  • Open Market (NASDAQ:OMKT) agrees to acquire ICentral which makes software that enables businesses to establish a commercial Web presence. Terms: $10 million OMKT and $1 million in cash. ICentral has 20 employees who will move to Open Market.

  • K-tel (NASDAQ:KTEL) jumps $10.47 per share to $48 after it formally launches its Web site today, K-tel Express, to sell music. Internet Stock Report today discussed KTEL. To reiterate, we think it has some promise but with so much of its stock held by insiders, about 80%, that investors could get burned with so little float and shares held by the public.

    While K-tel's margins may be better through its content ownership and terms of its licensing deals than resellers such as CDnow (NASDAQ:CDNW) in our opinion it is not--yet--an Internet stock per se in the same mold as those it wishes to emulate. Time will tell.