April 12, 1999
Dow Jones Newswires
Winfield Capital Jumps 33% On
Internet-Related Buying
By KATE BERRY
Dow Jones Newswires
MIAMI -- Shares of Winfield Capital Corp. (WCAP) rose 33% Monday,
in a wave of Internet-related buying.
e Plains, N.Y., company, which invests in Internet stocks and lends money
borrowed from the U.S. Small Business Administration, said it knew of no
reason for the rise in its share price.
Shares of Winfield Capital rose 14 3/4 to 59 a share - and hit a 52-week
high of 65 intraday - on volume of 4.5 million shares, compared with
average daily volume of 699,658 shares.
A similar Internet-related investment concern, CMGI Inc. (CMGI), saw its
shares rise 14.2%, or 37 5/8, to 302 a share.
Paul Perlin, Winfield Capital's chief executive, said the company's stock
movement in the past week or so may be driven by three Internet
investments that are in registration to come public. They include
WorldGate, MPath Interactive, and Juno Online Services, an Internet
service and e-mail provider.
On Friday, Winfield Capital purchased 47,000 shares of Modacad Inc.
(MODA), a maker of 3-D software, for roughly $11 a share, or
$516,236. The company also bought 39,166 warrants exercisable at
$13.18 and 16,450 exercisable at $13.72.
The company said that a wire story from Bloomberg Monday stated
incorrectly that Winfield Capital bought $11 million of stock in Modacad,
said Scott Perlin, Winfield's chief financial officer. Modacad stock was off
1, or 7.1%, at 13 on volume of 186,200 shares, compared with average
daily volume of 78,100.
"All we can give is the accurate information that we've done to the financial
community," he said.
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