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To: Gemini who wrote (18355)	7/6/1998 8:26:00 PM
From: Jacob Snyder	Respond to of 25960

read it and weep: July 6, 1998 Rebuffed by Excite, Zapata Launches Own 'Portal' Site By LISA BRANSTEN THE WALL STREET JOURNAL INTERACTIVE EDITION SAN FRANCISCO -- Zapata's stock more than doubled after the food-processing company announced an audacious plan to launch its own Web "portal" site. Two months ago, Zapata made a splash with its bid to acquire Excite for $1.7 billion, about five times Zapata's own market value. Rebuffed in that effort, Monday the company announced that it had added 21 small Web properties to the two it already owned. The company also said it planned to spin off its Internet operations into a separate, publicly traded company, Zap Corp., and that its board had approved the repurchase of as many as five million shares. Investors responded to the slew of news with the same alacrity that they have shown toward any company choosing to stick the word Internet somewhere in its business plan: They bid the stock up 11 5/8, or 118%, to close at 21 1/2 in New York Stock Exchange composite trading.