Dow Jones Newswires -- January 11, 1999
Web Fincl Data Cos Up On Data Broadcasting IPO Anticipation
NEW YORK (Dow Jones)--Shares of online financial news and data providers rallied Monday on investor enthusiasm sparked by Data Broadcasting Corp.'s (DBCC) planned initial public offering of its MarketWatch.com Web site.
Investors were looking for value in other Internet-related companies like Telescan Inc. (TSCN) that focus on the same financial information arena as Data Broadcasting, said Stonegate Securities analyst Tim Stobaugh.
Shares of Data Broadcasting closed up 12 1/16, or 45.7%, to 38 7/16 on volume of 34.3 million shares, compared with average daily volume of 2.2 million. Shares of Telescan traded 2 7/16, or 25.7%, higher to finish at 11 15/16 on volume of 855,000. Average daily volume is 93,500.
"We are just along for the ride," said Telescan Chief Executive David Brown, who noted shares of other online financial content providers like PC Quote Inc. (PQT) and Market Guide Inc. (MARG) were also riding Data Broadcasting's upward trend.
PC Quote shares settled at 3 3/16, up 3/4, or 30.8%, on NYSE volume of 2.2 million, compared with an average daily volume of 207,000.
Shares of Market Guide ended up 1 7/16, or 12.6%, at 12 7/8, on Nasdaq volume of 195,000, compared with an average daily volume of 134,000.
Brown said investors may also look to Telescan for potential upside in its stock price because the shares are not trading at the same high valuations as some other Internet-related stocks.
- Amy Hughes; 201-938-5171
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