Sweet Sounds from RealNetworks, TCI
Music
By David Shabelman
Staff Reporter
4/6/99 5:32 PM ET
SAN FRANCISCO -- Are you listening?
A number of stocks made noise today, but few louder than
RealNetworks (RNWK:Nasdaq) and TCI Music (TUNE:Nasdaq).
RealNetworks closed up 40 15/16, or 27%, at 195 7/16. The streaming
media company entered into a business agreement with Globix
(GBIX:Nasdaq) that benefited both companies. Globix, which manages,
produces and broadcasts live and on-demand content for the Internet
and Intranets, will team with RealNetworks to sell RealNetworks
products and services. Globix closed up 11 11/16, or 33%, at 47 9/16.
Also, Donaldson Lufkin &
Jenrette initiated coverage of
RealNetworks with a buy rating
and set a 12-month target price of
$250 a share.
They were dancing in the halls of
TCI Music after Liberty Media
(LMGA:NYSE) offered to sell its
Internet and interactive television
assets in exchange for TCI stock.
TCI Music closed up 21 3/16, or
253%, at 29 9/16.
Liberty Media, which is a
subsidiary of AT&T (T:NYSE),
owns 86% of TCI Music. The assets it will sell include equity investments
in priceline.com (PCLN:Nasdaq), iVillage (IVIL:Nasdaq), Sportsline
USA (SPLN:Nasdaq) and drugstore.com.
Taking a Break
A couple of stocks that have been on fire of late saw profit-taking today.
Among the day's losers was Yahoo! (YHOO:Nasdaq), which has been
on a tear since announcing it was buying broadcast.com
(BCST:Nasdaq). The company will report earnings on Wednesday. It
closed down 4 1/4, or 2%, at 214 7/8. Also, Amazon.com
(AMZN:Nasdaq), on fire since establishing an online auction site, closed
down 3 5/8, or 2%, at 182 7/8.
Among the winners was Sun Microsystems (SUNW:Nasdaq), which
closed up 10 5/8, or 8%, at 140 5/8. The company, which will split
2-for-1 on Thursday, introduced products that will run with Microsoft
operating systems.
Also, LSI Logic (LSI:NYSE) closed up 3 1/2, or 11%, at 36 after
receiving a strong buy rating from Soundview Technology Group.
Also benefiting from an analysts' rating was Double-Click
(DCLK:Nasdaq). C.E. Unterberg Towbin initiated coverage of the
stock with a strong buy and a 150 price target. It closed up 25 7/16, or
27%, at 121.
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