10-Jul-98 | point change | % change | |
ISDEX | 162.96 | 0.51 | 0.31% |
ISDEX Price Wtd. | 1,812.75 | -16.72 | -0.91% |
NASDAQ | 1,943.04 | 3.22 | 0.17% |
DJIA | 9,105.74 | 15.96 | 0.18% |
Although we’ve long been a believer in Egghead, and we were the only ones for the past six months saying it could be a $500 million market cap company, we’re satisfied that the run finally came. If EGGS can keep growth strong we think it could be a $1.2 billion company in 12 months. To keep going we believe Egghead must up the ante, and that may mean acquiring other Web services to open more revenue and future earnings flow. EGGS closes up 26% today at $21.44 as most traded issue. It’s gained more than 175% past week and is well higher than its 52-week low of $3.81 per share.
The size of the deal correlates to the types of deals done in the top tier these days: Amazon’s $325 million bond placement, PSINet’s $600 million bond placement, Yahoo’s $250 million private placement with Softbank, AOL’s $500 million common offer. The stakes for #1 are going up as the pockets to pay for them are getting deeper. They have the “Web” aspect, now it’s time for “World Wide” and that takes hundreds of millions.
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