Jan 8 1999 4:50PM - Bloomberg News
Data Broadcasting Shares Rise Ahead of Internet IPO (Update1)
Data Broadcasting Shares Rise Ahead of Internet IPO (Update1)
(Updates with closing stock activity in the 1st, 2nd and 7th paragraphs; Data Broadcasting's year-to-date rise in the 4th paragraph.)
New York, Jan. 8 (Bloomberg) -- Data Broadcasting Corp. shares rose 33 percent ahead of an initial public offering of its partly-owned MarketWatch.com Internet unit.
Shares of the provider of real-time financial market data to individual investors and traders rose 6 1/2 to 26 3/8 in trading of 30.4 million, about 17 times the three-month daily trading average. It
was the third most active issue on U.S. exchanges.
San Francisco-based MarketWatch.com, which is owned by CBS Corp. and Data Broadcasting, plans to sell 2.8 million shares for $10 to $12 each on Thursday, raising $30.3 million if the shares sell at the
midpoint of the range.
Shares of Data Broadcasting have risen about 48 percent this year on the prospect that MarketWatch.com's shares will surge once they begin trading, like many recent Internet IPOs.
MarketWatch.com, which operates the CBS.MarketWatch.com Internet site, has more than 40 journalists providing business and financial commentary. It's licensed to use the CBS name, logo and news
content, and also benefits from a marketing agreement with CBS.
CBS and Data Broadcasting will each own 38 percent of MarketWatch.com following the offering.
CBS shares rose 1 9/16 to 35 1/8.
Bloomberg LP, the parent of Bloomberg News, provides news and financial information on the Internet through its site at www.bloomberg.com. --Nick Olivari and Per Jebsen in the New York newsroom
(212) 318- 2849 through the Princeton newsroom (609) 279-4000/shw/shw Story illustration: For a graph of the recent performance of Bloomberg's IPO Index, enter BIPO |
