Internet Market Close Report for 1998.06.25



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  • Mindspring (NASDAQ:MSPG) shares rocket up more than 17% to a new 52-week high of $96 per share before closing at $94.875. Causing the move? MSPG’s announcement of a 3-for-1 stock split to holders of record July 9. Each receives the share dividend scheduled for July 29. Adding fuel to the mule run is Mindspring chairman Charles Brewer talking about the consumer ISPs prospects. Yes, the ‘CNBC effect’ is in full effect.

    Despite the jump MSPG market capitalization lags its rival Earthlink (NASDAQ:ELNK) by about $50 million so the gain was probably long overdue anyway in our opinion. Most of the buying was small lots, indicating retail investors who may be under the false assumption that more shares = more value or bang for the buck. Said another way: 1 divided by 3 = 1, unless those smaller pieces can grow.

  • Sportsline USA (NASDAQ:SPLN), which operates the Web service in partnership with CBS, stock drops after CBS sells 1% of its 11.8% stake in the sports media Web firm. SPLN shares lose 6.85% to $34 on the news. We think Wall Street over-reacted, although one would expect large firms to increase stakes, not decrease. The approximately $7 million CBS raised by selling that 1% is chump change for the ‘Eye Network.’ Eyeglasses in order here?

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