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Technology Stocks : CMGI What is the latest news on this stock?
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To: Robert Rose who wrote (10710)6/23/1999 7:22:00 AM
From: cgraham  Read Replies (1) of 19700
 
N E W Y O R K, — Compaq reportedly is
planning to sell some of its properties —
including the AltaVista search engine — to
Internet investment company CMGI.
(ABCNEWS.com is a content provider for
AltaVista.)
Rumors began sifting through the market
Tuesday that Compaq was considering such a
sale, pushing shares up, financial journalist Dan
Dorfman reported on JagNotes, an investment
Web site.
After the market had closed, the financial news
cable network CNBC also reported that CMGI
and Compaq were discussing the sale of a
number of assets, including AltaVista.

Big Quarterly Loss
Compaq shares have been struggling in recent
weeks, trading barely above their 52-week low of
$20 and well off their high of $51.25.
Compaq, the largest computer maker in the
world, warned last week it will report a big loss
this quarter and lay off thousands of employees,
the latest in a series of bad news for the
Houston-based company.
On April 9, the company disclosed that its
first-quarter profits would be half of what Wall
Street expected. That news was followed quickly
by the ouster of its chief executive Eckhard
Pfeiffer and the departure of a half-dozen other
top managers.
Officials for the Andover, Mass.-based CMGI
and Compaq did not immediately return phone
calls seeking comment.
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