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Merger Talk Deflates Investors' Trust in Internet Search Engine Lycos.
Knight Ridder/Tribune Business News, February, 1999 by Kerber, Ross ^Bray, Hiawatha
Knight Ridder/Tribune Business News
Feb. 13 -- As chief executive of CMGI Inc., David Wetherell has become known as one of the savviest Internet investors to emerge with the new medium. But as Internet stocks have come to command prices vastly out of line with their expected earnings, even successful venture firms such as CMGI can find it hard to manage shareholder expectations.
In short, the higher prices rise for Internet stocks, the more investors look for quick gains and the harder it may become for managers of Internet companies to nurture their businesses over the long run. Andover-based CMGI learned such a lesson this week when a merger involving one of its major holdings, Lycos Inc., threatened to collapse because Lycos's stock price cratered...
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