The Dow Goes Up; Net Stocks See Profit Taking | Internet News
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The Dow Goes Up; Net Stocks See Profit Taking

Written By
Steve Harmon
Steve Harmon
Jul 12, 1999
2 minute read

ISDEX drops 3.5% to 549.30 as profit taking kicks in after a fairly healthy jog-walk last week for the group. Today is more of the Dow day as industrial stocks gain against a tech selloff.

  • Infoseek (NASDAQ:SEEK) and Disney (NYSE:DIS) decide to go all the way with Disney deciding to acquire the 57% of SEEk it doesn’t own. Each SEEK share will be exchanged for 1.15 shares of Go.com, the official (surprise) new name of the company. A move long overdue. Pro forma SEEK shareholder will own 28% of Go.com shares. Looks like a longer range play to me now for those that can wait for Disney to produce.
  • NBCi (the new entity formed by Snap and Xoom merger) names GE (NYSE:GE) chairman Jack Welch to its board. I think it shows GE’s commitment to the deal that its top exec is on board. XMCM shareholders will own 34% of NBCI once the merger is approved.
  • China.com share price for its upcoming IPO are increased to $20, above the $15 target. The company provides Chinese-language Web guides. While the notion has received favorable attention I also think that concerns over government regulations in China on information flow could be a hindrance to the firm’s ability to be an “open” Web site content publisher.
  • Goldman Sachs agrees to acquire electronic trading firm Hull Group for $531 million in stock, cash and options. Goldman (NYSE:GS) also owns 22% of Wit Capital (NASDAQ:WITC) and holds a position in ECN Archipelago. The investment bank appears to be gearing up for a battle in the e-stock exchange space.

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