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Technology Stocks : CMGI What is the latest news on this stock?
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To: 10K a day who wrote (12535)8/12/1999 12:57:00 PM
From: Netwit  Read Replies (3) of 19700
 
A bit amazing how much these stocks move on press isn't it? Sunny--how does the Vcall square with your valuation? Is the $50 number in line with your public holdings number? Does anyone know how the Robertson analyst came up with the $150 number? E.g. does this represent CMGI's basis in the non-public holdings or a multiple thereof? CMGI's earnings always seem to disappoint the street--the reason being that this is not really an operational company but instead more like a closed end mutual fund. What are this company's earnings is simply an inappropriate question to ask a mutual fund. So CMGI seems to get hit when earnings come out. Things would really be so much cleaner is CMGI could "come out" as a closed-end mutual fund. ICGE got an SEC exemption in connection with its holding company activities. Maybe CMGI could too on the SEC front. The problem that remains is the IRS holding company stuff, I think is what drove the Alta Vista acquisition--the tax issues of being treated as a mutual fund by the IRS. These issues cloud the valuation issues and create confusion with investors, which I suspect will always be reflected in the valuation the market gives CMGI's stock. At the other end of the valuation extremes for CMGI is its value as an IPO machine. This factor causes the stock to overheat in an overheated IPO market, but it's like a switch that's turned off today what with the IPO glut and August. How much CMGI will reach that $150 valuation depends on how much the IPO market recovers. What do you think?
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