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It was noted in Briefing.com that CMGI realized profits/revenues (?) of ~$43 million from Lycos, in which it still owns a ~35% stake. Not sure if this meant that they sold Lycos during the first half of 1998 for ~$43 million in profits. This was not a story about Lycos, but one about an expected Geocities IPO, in which CMGI is an investor. Also, the other two major search engines, Yahoo! and Excite, have already reported earnings. While both sold off after earnings, they have both rebounded nicely from recent lows. Perhaps the "uncertainty" regarding Lycos earnings, which are due in early August, is contributing to the poor performance in the stock. If market sentiment is good when Lycos reports, perhaps the stock will rise to the $85 area in short order. |
