INTC sold 425 K shares of USWB
07:44 PM ET 05/12/99
Intel sold 425,000 shares of USWeb
WASHINGTON, May 12 (Reuters) - Intel Corp. , the
big computer chip maker, said Wednesday it sold 425,000 common
shares of USWeb Corp. , one of hundreds of holdings in
its $2.5 billion portfolio.
Intel's sale around May 6 is "something we commonly do,"
Intel spokesman Robert Manetta said, explaining that Intel,
based in Santa Clara, Calif., has a portfolio of stocks in some
200 companies in which it sometimes sells shares.
"We're always looking at the portfolio in terms of the
market conditions, how individual stocks are doing and from
time to time may decide to sell a portion of our holdings in
one of our portfolio companies," Manetta said.
"If we can take money out of a company that's had some
success and redirect it into our younger companies, we'll often
do that," he added.
The shares Intel sold were worth more than $9.8 million,
according to a filing it made with the Securities and Exchange
Commission. The spokesman declined to say how much Intel
initially invested in USWeb, a Web site services provider also
headquartered in Santa Clara.
In a February filing, Intel said it held about 1,277,699
common shares of USWeb, based on the 1,702,699 shares it said
it previously held in a February SEC filing. USWeb currently
has more than 74 million shares outstanding.
Intel's stock price was at $62.75, up 44 cents per share,
while USWeb was at $25.81 per share, down 50 cents, in late
afternoon Nasdaq trading.
((Peter Ramjug, 202-898-8399)) |
