Internet Market Close Report for 1998.06.29



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  • Excite (NASDAQ”XCIT) shares rally on two news items: 1) a 2-for-1 stock split set for holders of record July 6, 1998 and distributed on July 20, 1998. Pro forma XCIT says it will have about 50.4 million shares outstanding. The second news bit: Hollywood honcho Jeffrey Berg, chairman of talent agency International Creative Management, is named to Excite’s board. ICM is one of two leading talent agencies that represent most of the big stars in movies, TV and music. Why the stock split? Companies often split stock to increase the float and also provide more liquidity for trading. We wonder when Yahoo (NASDAQ:YHOO) will split, at more than $150 it could probably go 3-for-1 no problem.

  • AOL (NYSE:AOL) plans to offer $500 million common in a block trade off of its universal shelf registration statement. The move will help cash up the online king and could put a lot of pressure on Web firms without the deep pockets to compete in everything from access to content to search to IP telephony.

  • CyberCash (NASDAQ:CYCH) projects its second quarter 1998 revenue may be in the $2.2 million and $2.5 million range, about double the same amount for its 1Q98. The firm also says staff cuts reach 20% this quarter, bringing head count to under 200. With Internet commerce poised to take off we still don’t have a clear picture of the need for ‘Net coins.’ However, CyberCash’s credit card processing side looks bright.

  • Mecklermedia (NASDAQ:MECK), the global leader in Internet trade shows and news, announces its second annual Internet World Summer ’98, being held July 13-17, 1998, at Chicago’s McCormick Place. (Mecklermedia also produces this report).

  • Two unrelated private financings: 1) audio and video encoding firm receives $2.5 million round from Olympic Venture Partners and Encompass Ventures; 2) Atreve Software, maker of Web operations management solutions for commerce, raises $8.6 million in its second-round financing from Morgenthaler Ventures, Cisco Systems, Charles River Ventures and Bessemer Venture Partners.

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