Some news on ICGE that might explain yesterday's move:
Internet Capital Group rockets ahead - Anticipates $90 million in investments
By Tomi Kilgore, CBS MarketWatch
Last Update: 5:12 PM ET Dec 8, 1999NewsWatch
WAYNE, Pa. (CBS.MW) -- Shares of Internet Capital Group rose nearly 26 percent on Wednesday in anticipation of $90 million in investments the company is expected to get.
Internet Capital's stock (ICGE: news, msgs) was up 43 5/16 to 213 5/16 on volume of 4.6 million shares -- more than four times the average volume. The intraday range was 227 1/4-174.
The Wayne, Penn.-based company is about to receive investments totaling $70 million as detailed in an SEC filing late Monday. Internet Capital will sell common stock to AT&T (T: news, msgs) valued at $50 million, and $20 million worth of stock to Internet Assets, the filing states. This filing was an amendment to a shelf registration the company filed with the SEC in mid-November, where the company expects to raise approximately $703 million to make acquisitions and pay interest on current debt.
Internet Capital, which is currently in its quiet period, was not immediately available for comment. Safeguard Scientifics (SFE: news, msgs), which holds a post-IPO ownership of 14 percent in Internet Capital, climbed 21 to 157. Fellow Net incubator CMGI (CMGI: news, msgs) gained 11 to 189 1/16.
Teflon |
