Update
DRIV and PreOpen
DRIV - yes - if the stock opens above yesterday's high, it would be in reversal and probably worth jumping onboard.
NSCP - someone just ook it in the shorts...the ask on NSCP dropped to 22.5 for a 50k share transaction, and is now back to 39.5, down from 42 preopen - not sure what is going on here.
Look to be good shorting opportunities with SEEK an RNWK, although both are down preopen, RNWK is down much more - but neither have many shares traded yet - less than 6 k each. If you don't short, look for the bounce as both SEEK and RNWK are worthwile companiesi n the interent field and that play could be even more profitable if the makret is waiting for a pullback to go long on either of those.
08:49 ET RealNetworks Inc. (RNWK) 42 7/8: Issue indicated 3 7/8 pts lower after Microsoft (MSFT) announced it will immediately begin selling its minority ownership position in developer of streaming media software. According to MSFT, the companies could not reach agreement on terms of an underwritten secondary offering. MSFT is developing competing streaming media technologies. In July, RNWK testified before Congress Microsoft was purposely taking actions that prevented RNWK software from functioning properly.
08:43 ET Etec Systems (ETEC) 31: Semiconductor equipment maker's shares indicated 3 pts lower after company reported Q1 net of $0.43 a share; 2 cents above of the Zacks mean estimate, vs year-ago profit of $0.41 a share. However, company warns that it expects flat fiscal 1999 revenues and a 30%-40% decline in earnings.
08:39 ET Infoseek Corp. (SEEK): --Update-- If no new agreement were entered into between Netscape and Infoseek, the current agreement would terminate in Q1 1999. SEEK notes that pages sourced from Netscape have declined from 30% a year ago to 13% in June 1998 and 12% in September .
08:37 ET Infoseek Corp. (SEEK) 37: Internet search engine discloses in 10-Q filing that on November 11, 1998, it "received notice from Netscape (NSCP 39 1/4) of their intent to either terminate the contract or negotiate a new agreement to afford Infoseek with different positioning or a lower rotation percentage on the Netscape site on pricing terms to be mutually agreed." The two companies are in the process of negotiating a new agreement, but there is no assurance that Netscape will be willing to renew the agreement with
Infoseek. SEEK shares indicated 1 pt lower in pre-market.
08:35 ET Market Indication: Broader market indicated higher. Current level of S&P futures suggest Dow advance of more than 40 pts at the open --- Most overseas markets rally: Singapore +3.5%, Hong Kong +1%, Japan -1.7%, S. Korea +4.1%, France +2.3%, Germany +2.2% --- German central bank leaves interest rates unchanged. Expectation that Great Britain will cut, though doubt increases following stronger than expected money supply numbers.
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