Data Broadcasting Shares Rise Ahead of Internet IPO (Update1)
Bloomberg News
January 8, 1999, 4:50 p.m. ET
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-
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