NEW YORK -(Dow Jones)- Following Intel Corp.'s lead,
wireless-equipment giant Motorola Inc. has registered to sell part of
its stake in high-flying Broadcast.com Inc., which offers audio
conferences, radio, and television broadcasts over the Internet, the
Dallas Morning News reported Tuesday.
According to a recent regulatory filing, Motorola (MOT) plans to sell 825,000 shares of Broadcast.com (BRCM), which last month peaked at $285.06. In morning trading Tuesday, the shares were down $8 at $114.
Analysts cited by the Dallas Morning News said Motorola's decision
likely was spurred by last month's surge, rather than a lack of faith in Broadcast.com. The paper said Motorola bought 2.36 million shares at $8.56 apiece in 1996.
Earlier this month, Intel (INTC) sold 302,500 shares in
Broadcast.com, saying its decision was based on the "conditions of the
marketplace," and that "the sale shouldn't be viewed as changing our
relationship with Broadcast," a company that Intel has used to broadcast conferences. |
