Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : CMGI What is the latest news on this stock? -- Ignore unavailable to you. Want to Upgrade?

To: keta who wrote (16358)	2/8/2000 6:24:00 PM
From: keta	Respond to of 19700

Latest on SOFN/CMGI SoftNet May Outline Wireless Web Plans, Analysts Say (Update2) (Updates with closing share prices throughout.) San Francisco, Feb. 8 (Bloomberg) -- SoftNet Systems Inc., which provides fast Internet connections over cable-TV lines, may outline plans tomorrow to sell the service on wireless devices such as cellular phones and electronic organizers, analysts said. The company's shares rose 23 percent. SoftNet said in a statement it will ``discuss details of a broadband strategic initiative' with CMGI Inc. and other companies. SoftNet is poised to take advantage of the expected surge in the number of people who surf the Internet from cell phones and electronic organizers such as 3Com Corp.'s Palm Pilot. Almost 85 million Americans, or one in three, use wireless phones, according to the Cellular Telecommunications Industry Association. ``They're positioning themselves to offer high-speed Internet access to the home or office via cable, satellite or wireless,' said CIBC World Markets Inc. analyst John Corcoran, who has a ``buy' rating on SoftNet. ``This will likely act as a catalyst for the stock.' SoftNet shares have more than doubled in the past year. They rose 8 3/8 to 44 1/2 on the Nasdaq Stock Market. SoftNet said after the close of regular U.S. trading yesterday that its loss for the fiscal first quarter ended Dec. 31 widened to $20.6 million, or $1.08 a share, from $6.5 million, or 77 cents, a year earlier. Revenue more than doubled to $1.28 million from $440,000. The company's loss before amortization and stock option expenses widened to 70 cents a share from 64 cents, beating Corcoran's forecast of a 78-cent loss. SoftNet said the number of cable-modem customers rose almost eightfold to 10,384. CMGI Plans San Francisco-based SoftNet also may announce it will work with CMGI, an Internet venture fund, to expand in Asia, said Brent Bracelin, an analyst at Pacific Crest Securities in Portland, Oregon, who has a ``strong buy' rating on SoftNet. Both CMGI and SoftNet have alliances with Pacific Century CyberWorks Ltd., the largest investor in SoftNet and Asia's No. 1 Web company outside Japan. CMGI shares rose 5 1/16 to 125 on the Nasdaq. ``SoftNet will help Pacific Century become the Excite At Home of Asia,' said Bracelin, referring to the largest U.S. company that sells fast Internet service over cable lines. ``This really validates SoftNet as a global player.' In October, Pacific Century invested $129 million in SoftNet for a stake of about 27 percent. Last month, Hong Kong-based Pacific Century said it would form a joint venture with CMGI to invest in Asian Web companies. CMGI controls Web sites including online directory AltaVista Co. SoftNet wouldn't provide more information about tomorrow's teleconference at 1 p.m. New York time. Officials at Andover, Massachusetts-based CMGI declined to comment.