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

To: Sorin A. David who wrote (2657)	11/16/1998 12:10:00 AM
From: neverenough	Read Replies (1) \| Respond to of 19700

From Internet Stock News internetstocknews.com Ordinarily, when a companys stock drops 6.25 points and 8% of its value in a single day, that date isnt one stockholders care to remember. But Internet stocks, especially CMGI, are anything but ordinary. And November 11 a day in which CMGI closed nine points off an intraday high of 82 could be a memorable day for the venture capital and holding company of Internet start-ups. Thats because three initial public offerings (IPOs) stormed Wall Street on Wednesday, breathing life into an IPO market thats been E-Bay or bust since late summer. Earthweb (EWBX), which hosts Internet sites for computer professionals, rocketed more than 34 points (nearly 250%) above its IPO price of 14. And Fox Entertainment (FOX) and the MONY Group (MNY) both sustained strong gains on their opening day of trading. Why is this important to CMGI? Because CMGI owns all or part of nearly 25 Internet companies and earns its keep by nurturing these firms, building synergies between them, and ultimately taking them public. With as many as seven of its companies gearing up for the 1999 IPO pipeline, CMGI will literally be banking on a strong IPO market. Already, CMGIs stake in two Internets-gone-public Lycos (LCOS) and Geocities (GCTY) has paid the company back 1000 times over. Future IPOs such as Planet Direct (an online content service), Saleslink (online software sales), Parable (web graphics firm) and Chemdex (online medical store) may or may not be on the same scale as Lycos or Geocities. But they certainly should hold their own with Earthweb, which happened to open 300% higher than its IPO price and was trading up another 20 points on the following day. David Wetherell, the company's CEO, stated on the Yahoo! Message Boards, on Thursday "Think it's about time to crank out some more IPO's. After all, it is the season to be giving." Next Spring, when CMGI begins taking additional companies public, CMGI and its shareholders will likely look back at November 11 and the stock price of 73 with a smile. And if IPO market and Internet valuations stay hot, the only way CMGI will look at 73 again will be after a stock split or two.