Internet Market Close Report for 1998.05.08
Steve Harmon | May 08, 1998
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Infoseek (NASDAQ:SEEK) plays "me too" in the partnering with a dial-up provider, this time AT&T, to link access with content and search on the Internet. The deal follows similar ones from Yahoo, Excite and Lycos. A necessary step but also a necessary "yawn." Four different flavors of vanilla and no innovation in sight. That spells opportunity for entrepreneurs.
7th Level (NASDAQ:SEVL) closes a $10 million private placement to pay for its new Internet tools direction, of the total $4.5 million is convertible exchangeable debt and $5.5 million is convertible preferred stock.
ONSALE (NASDAQ:ONSL) logs its five millionth bid since its launch in May 1995. The Web-based auctioneer maintains the lead in this space but rivals are emerging. We think three or four could win the space.