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Intel lowers CNET stake
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July 13, 1998: 4:43 p.m. ET
Chip giant sheds 1.8 percent of holdings in online publisher
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NEW YORK (CNNfn) - Computer chip giant Intel Corp. Monday cut its stake in online publisher CNET Inc. by just under 2 percent, netting the company slightly less than $9 million.
In a filing Monday with the Securities and Exchange Commission, Intel said it sold the shares between July 8-10 in the open market.
Intel was not required to detail its reasons for selling the shares in the filing and a company spokesman did not immediately return calls seeking comment.
Even after the sale, Intel (INTC) still holds more than 638,000 CNET shares that are currently worth more than $34 million.
CNET (CNWK) has benefited from a run-up in Internet-related stocks that started when media companies started buying up Internet portals. Portals, or destination sites, are sites designed to guide users interested in a certain topic to specific Web sites.
Over the past year, CNET shares have skyrocketed from 19-5/16 to as high as 71-1/4.
(Click here to see a 52-week CNET stock chart)
Intel shares ended up 2-5/8 to 82-3/8 and CNET shares added 7/8 on the day, closing at 54.
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