Internet Market Close Report for 1998.06.15


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  • Infoseek (NASDAQ:SEEK) may be close to selling a piece of the Web search engine to a large media firm, with Disney cited as the most likely buyer and Time Warner a close second. History buffs recall that Infoseek CEO Harry Motro worked at CNN (Time Warner) so perhaps that’s a stronger tie. The ‘rumortrage’ sends SEEK up 8.3% to $32.625. SEEK has traded as high as $45 per share as recently as April. we’ve always said Infoseek was a strong technology but weak media play, and in the world of search engines turned media companies that may explain the interest here: nearly 16 million shares change hands, about 4x average.

  • Amazon (NASDAQ:AMZN) pops back up after yesterday’s drop. A knee jerk reaction.

  • Inktomi (NASDAQ:INKT) softens somewhat after its rocketship initial public offering, blipping up to as high as $42 today before closing at $39.375 per share. Still a strong aftermarket burner though, fueled by its deals in the search space and the network caching arena that allows popular Web pages to be stored in distributed fashion, thereby reducing network congestion and server slowdown. Said another way, divvy up that milkshake (data) into more than one cup and plop your straws in those many outlets (network lines). Beats having multiple straws in one shake. Now clear your throat, ahem.

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