Saudi Prince buying net stocks
Remember when he scooped up Apple at a split adjusted $10 in 1998? Is Paul Allen friends with this guy? (Please??)
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Additionally, billionaire Alwaleed bin Talal has taken $50 million stakes in a handful of well-known Internet names, according to wire service reports on Tuesday.
The Saudi prince is "a pretty astute investor," said Malcolm Fobes, a portfolio manager at Berkshire Focus Fund (BFOCX: news, chart). "I'd sit up and take notice.
"He's not going out on a limb but it's encouraging, and he usually likes to scoop up companies at a bargain. So, his buying activity could signal a bottom."
Also of interest from cbs marketwatch: (What tier would GNET be considered in?????)
"What we're seeing is second-tier players like Lycos and Verio (VRIO: news, chart) getting courted because they have substantial assets and when combined with other global players, they can create a global enterprise," Moran said.
Another top candidate is EarthLink (ELNK: news, chart), he said. The Internet service provider is right behind America Online, and has a "commanding foothold." If not with Sprint, the company would make a solid partner with a global telecom company, Moran said.
Yahoo (YHOO: news, chart) holds its analyst day Thursday. Ahead of the gathering, shares of Yahoo added 5 5/8, or 4 percent, to 135 5/8. America Online (AOL: news, chart) slipped 7/16 to 58.
Other shares making solid moves were ExciteAtHome (ATHM: news, chart), up 1/2 to 22 3/8; Go.com (GO: news, chart), up 21 percent to 17 1/2; and NBCi (NBCI: news, chart), ahead 15 percent to 22 5/8. Other major movers include VerticalNet (VERT: news, chart), up 17 percent to 45 3/4.
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