From CBS MarketWatch 6/17/99 5:12PM
CMGI (CMGI: news, msgs) shot up 3 3/8, or 3.6 percent, to 96 1/2 after the Internet analyst team at BancBoston Robertson Stephens, raised their rating to a "buy" from a long-term "attractive," citing imminent public offerings of two CMGI-incubated firms: advertising firm Engage Technologies and Web hosting outsourcer NaviSite. Both companies "should be on IPO roadshows in the coming weeks," according to the BancBoston note.
Engage Technologies is expected to raise $60 million in an initial offering planned for early July. NaviSite has not yet filed.
Engage has roughly 35 million consumer Web profiles, making it one of the "best database" companies for that information, said Michael Graham, an analyst at BancBoston. The investment firm is not managing the Engage IPO.
Meanwhile, e-mail outsourcer Critical Path (CPTH: news, msgs), a CMGI investment and a March IPO, surged 7 7/8, or 22 percent, to 44 3/4. Shares are still below where they began the week.
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