Internet Market Close Report for 1998.06.10


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  • Inktomi (NASDAQ:INKT) doubles from its IPO price of $18 per share, ending the day at $36. INKT opened its first day of trading today at $30.75 as the oversubscribed offering for the Web search engine wholesaler and cache network provider hit the ‘Street. For our Inktomi outlook analysis click here now!

  • Excite (NASDAQ:XCIT) jumps into the auction space, hoping to turn its Classified2000 into a more robust offering by adding real-time auctions. The move puts it in competition with auction-centric sites ONSALE (NASDAQ:ONSL) and privately-held ONSALE, meanwhile, debuts 60-minute auctions with bids starting at $1.

  • USWEB (NASDAQ:USWB) is hit with a $14 million lawsuit by marketing firm Larmark which alleges USWEB didn’t meet the timeline to build a Web site that would bring together jewelry wholesalers and retailers. The bulk of the claim, $13 million, is for what Larmark calls ‘future loss of revenue; and legal fees and court costs.’ We’re curious to see what USWEB will respond with.

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