The Motley Fool's Market Movers (Heroes)
The Motley Fool - September 25, 1998 18:16
September 25, 1998/FOOLWIRE/ -- Internet and database
technologies investing company CMG Information Services (Nasdaq: CMGI) rose
$2 9/16 to $57 1/8 after reporting fiscal fourth quarter net earnings of
$1.27 a share, up from a loss of $0.55 per share in the previous quarter and
a loss of $0.26 in the year-ago quarter. Analysts had been expecting a net
loss of $0.58 a share. Before gains from the sale of some of the company's
shares of Lycos (Nasdaq: LCOS) and the issuance of stock by Lycos, CMG had
an operating loss of $0.85 per share, compared with the preceding quarter's
operating loss of $1.51 and year-ago loss of $0.73. The year-on-year
increase in the company's operating loss is due to the fact that the company
no longer accounts for its investment in Lycos under the consolidation
method but under the equity method. The company said that it made 8 new
investments during the quarter, bringing its total number of investments as
of the end of July to 31. CMG owns significant stakes in Lycos and GeoCities
(Nasdaq: GCTY), and plans to convert its 34% interest in Reel.com into
shares in Hollywood Entertainment (Nasdaq: HLYW).
It was generally an up day for Internet-related companies. America Online
(NYSE: AOL) rose $2 5/8 to $114 3/4 as Salomon Smith Barney reiterated its
"buy" rating on the online services provider. On Monday, AOL plans to launch
a nationwide campaign marketing AOL 4.0, the latest version of the company's
software. Internet search engine and portal company Excite (Nasdaq: XCIT)
continued rising, up $1 3/4 to $40 7/8 on the momentum of the deal announced
Wednesday that would make a personalized Excite home page the first site to
greet users of Dell Computer's (Nasdaq: DELL) new Dell Dimension desktop
PCs. Other Internet companies gained ground as well: Yahoo! (Nasdaq: YHOO)
tacked on $5 3/4 to $121, Lycos (Nasdaq: LCOS) gained $1 9/16 to $35 3/16,
Infoseek (Nasdaq: SEEK) bumped up $1 to $26 1/16, Amazon.com (Nasdaq: AMZN)
booked a $7 1/8 gain to $109 1/4, and Netscape Communications (Nasdaq: NSCP)
was up $1 1/16 to $25 3/16. |
