RealTime IT News

Internet Market Close Report for 1998.05.28

  28-May-98 point change % change
ISDEX 139.54 3.86 2.84%
ISDEX Price Wtd. 1,436.69 -13.78 -0.95%
NASDAQ 1,794.62 13.52 0.76%
DJIA 8,970.20 33.63 0.38%

  • MCI (NASDAQ:MCIC) will sell its Internet backbone to the UK's Cable & Wireless for $625 million cash in a move to allay anti-trust concerns in MCI's proposed merger with WorldCom (NASDAQ:WCOM) which also owns Internet backbone networks through its UUNET subsidiary. MCI operates one of the Internet's largest backbones: 22 U.S. nodes, 15,000 POPs and numerous peering agreements serving more than 1,300 global ISPs.

    Backbones values are not what they used to be and we're surprised that MCI's sold so cheaply since it is one of the world's most active backbones. Pro forma a merger, WorldCom-MCI, however, will still operate arguably one of the world's premier backbones through UUNET. On the upside for Cable & Wireless it now gains a foothold in the U.S. theater for Internet services and IP communications yet to come.

  • CyberShop (NASDAQ:CYSP) jumps 35.8% to $13.75 per share after announcing deals with @Home, PointCast and Microsoft for its retail service. The ad and marketing deals range from 9 to 18 months. CYSP also has agreements with Excite (NASDAQ:XCIT) and GeoCities.

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