Internet Market Close Report for 1998.08.10



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  • GeoCities IPO prices today through lead underwriter Goldman Sachs at $17 per share, above the $14-$16 range. Heavily oversubscribed by what we hear. As we mentioned Friday, e-manager E*TRADE (NASDAQ:EGRP) reportedly offers shares to its members at the elusive IPO price. Starts trading tomorrow.

    We expect a pop, doubling to perhaps tripling. If it does well then city guide CitySearch, Web etailer Digital River, person to person auctioneer eBay and ad network 24/7 could benefit. 24/7 is a DoubleClick (NASDAQ:DCLK) rival. Behind that the community sites such as (which has filed to go public), Angelfire, XOOM and WhoWhere could also follow the wake if GeoCities goes big.

  • Netscape (NASDAQ:NSCP) jumps 24% to $31.8175 per share after signing Ford as a new corporate client of its e-commerce software and announcing the appointment of former Oracle (NASDAQ:ORCL) executive Barry Ariko as executive vice president and chief operating officer. We think investors may have been looking too closely at its Netcenter value and forgot that Netscape software is very much alive and kicking.

  • Security First Network Bank (NASDAQ:SFNB) and its Security First Technologies unit report $4.5 million second-quarter revenue vs. $2.9 million 2Q97 with $8.1 million second-quarter loss, or $0.75 loss per share vs. $5.8 million loss, or $0.69 loss per share 2Q97.

    SFNB’s 2Q98 loss includes approximately $2.6 million acquisition-related charges during the fourth quarter 1997. Excluding these charges, the net loss from continuing operations for the second quarter was $5.5 million or $0.51 share compared to $5.5 million or $0.65 in the second quarter 1997. With discontinued operations 2Q98 net loss is $9.0 vs. $6.5 million 2Q97.

    Internet Investment Symposium ’98 @ Fall Internet World!

    Book now! New York City, Oct. 8-9 as Steve Harmon talks investments with some of the top names in the industry…CEOs of GeoCities, CMG Info, DoubleClick, venture capitalists doing the $ billion deals, and some of the top Internet stock analysts on Wall Street (Steve was one of them) selected by CBS MarketWatch!”

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