OT
I know this article doesn't belong here, but I had to post it somewhere. To make it peripherally relevant, one might note that Fidelity also owns a lot (more than 5%, as much as 11 or 12%) of SEG, QNTM, HTCH, and who knows what else in the drive sector. Guess they agree with Merrill's analyst [name? I'm blocking on it right now], who thinks you gotta be in the Nuts whatever the price. CMGI is probably the GrandMama of the Nuts, with its diverse holdings of founders stock in Nutty Cos.
CMGI shares rise 8 percent amid new developments
NEW YORK, May 10 (Reuters) - Shares of CMGI Inc.(CMGI -
news), a publicly traded Internet venture capital firm, rose 8 percent
Monday on a wave of positive developments, including news mutual
fund giant Fidelity has acquired a stake in the company.
FMR Corp., the parent of Boston-based Fidelity, revealed in a regulatory filing that it had accumulated a
10.3 percent stake in CMGI, or 4.8 million shares.
The investment marks a vote of confidence from a major institution for the high-flying but turbulent
shares of the Internet holding company.
Earlier on Monday, Engage Technologies, an Internet marketing company that is majority-owned by
CMGI, filed for an initial public offering, which if successful would be likely to significantly boost its
value to CMGI.
And the Wall Street Journal reported Monday that USA Networks Inc. (USAI - news) might abandon its
planned acquisition of Lycos Inc. (LCOS - news), CMGI's best-known investment, due to a lack of
support from Lycos shareholders.
CMGI chief David Wetherell has fought the deal, initially worth between $17 billion and $18 billion in
stock, saying it undervalued Lycos.
Wetherell quit the Lycos board to begin a campaign to get a higher price from either USA Networks or a
third-party bidder, though none has yet emerged.
CMGI holds a 20 percent stake in the Web portal.
Shares of CMGI, based in Andover, Mass., rose $16.6875, to $237.9375, in trade Monday on the Nasdaq
stock market. |
