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 : Open Market (OMKT) -- Ignore unavailable to you. Want to Upgrade?

To: steve poon who wrote (1317)	4/6/1999 4:10:00 PM
From: Frank Ferrari	Respond to of 2004

A little more insight. From CBS MarketWatch cbs.marketwatch.com Industry indexes News Index NewsWatch Earnings Surprises StockWatch Active Trader New! Beyond Stocks CyberPitch e-Gads! Futures News How To Spend It Business Travel Special Reports Technical Trading Open Market says 'We're No.1' Claims a fifth of e-commerce software market By Brenon Daly, CBS MarketWatch Last Update: 3:49 PM ET Apr 6, 1999 Software Report BURLINGTON, Mass. (CBS.MW) -- Shares of Open Market jumped 12 percent on heavy trading Tuesday afternoon after the company said it is the largest seller of software that lets people buy and sell online. Today on CBS MarketWatch Blue chips waffle, techs gain Tech rally extended as Yahoo, AOL surge MCI WorldCom eyes Nextel purchase TCI Music screams higher as Liberty Media tunes in Day traders or not? More top stories... CBS MarketWatch Columns Updated: 4/6/99 3:02:24 PM ET In a release, Open Market (OMKT) said it held 20 percent of the e-commerce software market. That put it ahead of rival such as BroadVision (BVSN), IBM (IBM) and Oracle (ORCL), according to numbers from market researcher Dataquest. The long and the short of it "The company is in pretty good shape," said Alex Arnold, analyst at H.C. Wainwright in Boston. The release "re-affirms that they are dominating a fairly important space." He added "short covering" may have also played a role in the stock's rise. About 4.5 million shares of the company's 11 million share float are sold short. A short sale involves borrowing shares and selling them, hoping to buy them back at a lower price to pocket the profit. Repurchasing the shares is known as "covering" and that buying pressure can push shares higher. The stock rose 1 11/16 to 13 13/16 on volume that was more than twice as heavy as average. Shares gained as much as 22 percent during the session. "It's one of the reasonably priced Net stocks," said John Puricelli, analyst at A.G. Edwards in St. Louis. He picked up coverage of Open Market with an "accumulate" rating on March 25. OMKT NASD Last Chg. 14 +1 7/8 % Chg. Vol. +15.46% 4,100,300 Day Lo. Day Hi. 12 14 13/16 Open Prev. 12 12 1/8 As of Apr 06/99 4:04 pm ET Last Trade Apr 06/99 3:49 pm ET 15 MIN. DELAY Although the company has great promise, Puricelli noted it still has a "long lead time." He doesn't expect Open Market to turn a profit until 2001. Options aplenty There was also some notable option trading for Open Market, with 1,100 contracts of the April 15 calls (OQM DC) changing hands. The contract added 5/16 to 1/2. Braden Silverman, an options trader at the CBOE, said he didn't read too much into the stock movement Tuesday. The stock has been trading between 10 and 15 for most of the year, he said. "I wouldn't get excited until I see it break above 15."