Internet Market Close Report for 1998.07.23



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  • PSINet (NASDAQ:PSIX) climbs 20% to $19.25 per share on heavy volume, 18.8 million shares as rumors spread that AT&T may be shopping for it. While we don’t think Ma Bell is a buyer given its $48 billion bid for TCI we have always believed that PSI was a good backbone for a larger telco to own to run IP communications on. CEO Bill Schrader has never been a seller though so we’ll see.

  • CNET (NASDAQ:CNWK) jumps 12% to $71.625 per share on expectations of revenue growth following its 2Q results. The tech-Internet firm posts. Some of the gain may have been on its $0.02 EPS. Those who delve deeper know that the earnings came from a $4.5 million gain from a partial sale of CNET’s stake in Vignette. Without that, see net?

    Internet Investment Symposium ’98 @ Fall Internet World!

    Book now! Steve Harmon talks investments with some of the top names in the industry…CEOs of GeoCities, CMG Info, venture capitalists doing the $ billion deals, and 3 of the top Internet stock analysts on Wall Street (Steve was one of them) selected by CBS MarketWatch!”

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