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Internet Market Close Report for 1998.05.29

Written By
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Steve Harmon
Steve Harmon
May 29, 1998
































 
29-May-98
point change
% change

ISDEX
138.42
-1.12
-0.80%

ISDEX Price Wtd.
1,426.31
-10.38
-0.72%

NASDAQ
1,778.87
-15.75
-0.88%

DJIA
8,899.95
-70.25
-0.78%

  • Sprint (NASDAQ:FON) extends its $45 per share offer for 1.25 million Earthlink (NASDAQ:ELNK) shares from June 1 to June 5. The offer, made February 18, was scheduled to expire June 1. Beside the $45 per share offer, terms include Sprint paying Earthlink $24 million cash and providing $100 million credit line in return for 4.1 million convertible preferred.

  • BankAmerica and Wells Fargo plan on entering or beefing up online trading according to reports from Dow Jones. While we think the two could be rivals to pure plays such as E*TRADE (NASDAQ:EGRP) and Ameritrade (NASDAQ:AMTD) the large bank’s plan on charging “traditional” rates – which will likely guarantee dismal results. The field is getting more crowded, however. One reason why EGRP shares have softened from the peak hit last September, more than $47 per share. EGRP closes today at $21.625 per share, off 3%.

  • CKS Group (NASDAQ:CKSG) gets upgraded to a “buy” from “hold” rating by Prudential based on relative valuation and its A-list clients, prompting CKSG shares to gain 9% to $20 per share. See Archives, Internet Stock Report, April 7, for our analysis of CKS vs. Think New Ideas.

  • CMG Info (NASDAQ:CMGI) stock coverage is initiated by firm Raymond James with an “accumulate” rating. See Archives, Internet Stock Report, April 14, for our report on CMG.





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