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Technology Stocks : CMGI What is the latest news on this stock?
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To: Capt who wrote (11623)7/11/1999 10:06:00 AM
From: Jenne  Read Replies (2) of 19700
 
CMGI - CMGI Inc. $121.00 (+6.63)
It may not be a household name, but CMGI is one of the chief architects of the Internet. What began as a direct marketing firm has become a prolific investor in the future of the Internet. CMGI's venture capital arm, @Ventures, is a savvy trend-spotter boasting a portfolio with stakes in more than 30 Internet companies (Lycos, Raging Bull). It is buying 83% of search engine AltaVista, which it plans to grow into its centerpiece Web property. Its Internet Group includes a string of majority-owned companies (Engage Technologies, Planet Direct) offering services such as Web hosting. About 80% of CMGI's revenue comes from fulfillment and mailing list services. (from Hoovers)

CMGI has not been making huge daily gains, but has been a consistent climber over the last week. The stock broke through its 50-dma at the end of June and has held it since. We really like CMGI going forward, even though their earnings are not until September. The stock is considered an Internet blue chip, and as Internet stocks announce stronger and stronger earnings, CMGI should benefit. The company recently bought the Alta Vista search engine from Compaq. This purchase should help solidify CMGI's core holdings. The deal will also place links and banners to CMGI companies on Compaq's newer computers. CMGI is still well off its 52 week high of $165. There is some resistance at the $123.50 mark, so watch for this.

The big news for CMGI was the recent acquisition of Alta Vista. The street loved this move as CMGI made a strong move on the announcement. This took away fears that CMGI might be classified as a just a mutual fund of Internet companies. CMGI has been very good at spotting upcoming Internet companies, now the street will be anxious to see how it does actually running one. We expect they will do very well. STOCKWINNERS



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