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Internet Market Close Report for 1998.08.13

Steve Harmon
By Steve Harmon



























 
13-Aug-98
point change
% change

ISDEX
132.03
-3.63
-2.68%

NASDAQ
1,802.54
-22.99
-1.26%

DJIA
8,459.50
-93.46
-1.09%


  • Lycos (NASDAQ:LCOS) – More on Lycos acquiring WhoWhere for $133 million stock instead of WhoWhere going public. Our analysis shows Lycos paying $15 per user although the value per “active” user may be closer to $100. And why didn’t WhoWhere IPO? Excite may have been as much as 50% of WhoWhere’s traffic and once it pulled the plug then WhoWhere’s reach dwindles. Another point: WhoWhere apparently didn’t own the free email accounts provided to Excite members. Overall Lycos got what appears to be a steal of a deal, however.

  • CitySearch, which planned to go public, instead chooses to merge with TicketMaster Online. The new entity’s value could exceed $1 billion (if public) by our estimate, $300 million of which we allocate to CitySearch. That’s the IPO valuation it had in its filing. We expect the new amigos to go on a buying spree and roll up entertainment and events into a larger network and then perhaps IPO the works at a later date.

  • CBS.Sportsline.com (NASDAQ:SPLN) signs a deal with Internet guide firm Mining Co. to integrate its guides into the sports Web site service. Together they’ll offer co-branded news and info on a variety of sports.

  • @Home (NASDAQ:ATHM) sells 2.5 million shares at $46.125 per share, raising $115 million for general corporate needs. We think AOL should acquire @Home and take the combined service to the next-level. More in tomorrow’s Internet Stock Report.





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