RealTime IT News

Internet Market Close Report for 1998.10.08

  08-Oct-98 % change point change
ISDEX 77.24 -7.25% -6.04
NASDAQ 1,419.12 -2.97% -43.49
DJIA 7,731.91 -0.13% -9.78

  • Mecklermedia (NASDAQ:MECK), producer of this report, agrees to sell for $29 per share cash to Penton Media (NYSE:PME) for about $274 million total. On merger completion Chairman and CEO Alan Meckler agrees to acquire an 80.1% stake in Internet.com (Mecklermedia's Website). The deal is expected to be completed in November and has been approved by both boards. Penton owns and operate more than 60 trade shows and publishes trade titles. With the acquisition it will have about 100 trade shows with Mecklermedia's stable of Internet World and ISPCon events and Internet World print newspaper.

  • Yahoo (NASDAQ:YHOO) falls more than 8% to $104.81 per share after it beats the Street's $0.10 EPS target by a nickel per share. How's that for market logic? We think investors may be wondering if the better-than-expected results may be an anomoly.

  • Netscape (NASDAQ:NSCP) announces its "Custom Netscenter" that will allow firms to create their own mini-portals. We like the move but it's already doable using any of the personalized home page features offered by Yahoo, Excite (NASDAQ:XCIT), Lycos (NASDAQ:LCOS) and Infoseek (NASDAQ:SEEK). However, Netscape's approach seems more focused and superior for the targeted market.

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