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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: LakesideTrader who wrote (35122)	5/1/1999 11:12:00 PM
From: D.Austin	Respond to of 90042

another interesting point-to-ponder AboveNet Falls After Offering Is Priced Below Shares San Jose, California, April 30 (Bloomberg) -- AboveNet Communications Inc., which provides Internet services for businesses, fell 7.9 percent after the company sold an additional 4 million shares below yesterday's closing price. AboveNet's shares fell 7 3/8 to 85 5/8. The company and some shareholders sold the shares at $85 each, below yesterday's closing price of 93. The San Jose, California-based company first sold shares to the public at $13 each in December. The sale comes amid concern about waning investor demand for shares of high-flying Internet companies, few of which show signs of makes a profit soon. The Bloomberg U.S. Internet index has declined 12.3 percent since April 13. Amazon.com Inc., the top Internet retailer, tumbled 13 percent yesterday after it warned losses will continue as it spends more on promotion and services. ''The discount was because the Internet sector has been weak in the past couple of days and investors are more willing to wait on the sidelines,'' said John Hodulik, an analyst at PaineWebber Inc., who has a ''buy'' rating on AboveNet. AboveNet sells a service to businesses that insures their data is transmitted quickly by reducing the number of network connections for data traveling across the Internet. CIBC Oppenheimer Corp. managed today's share sale. Apr/30/1999 16:46