Ziff shares soar – ZDNet IPO ahoy?
A mysterious overnight twitch of ZD shares has cheered up Softbank stock today
Shares in Japanese combine Softbank have risen sharply in Tokyo today, following substantial gains in the share price of its US subsidiary, Ziff-Davis, overnight. PC publisher and owner of ZDNet Ziff-Davis gained around 30 per cent, but had no comment on why. The company went public earlier this year at $17 a share, but more recently has seen stock down in the vicinity of $4.50. The latest gain takes it towards a rather more respectable $13. ZD had recently implemented various exercises in belt-tightening, its cash cows (which include PC Week and PC Magazine) apparently being insufficient to counteract losses from investment in new titles and new media. But in October it announced moves that pointed to taking its ZDNet Web operation public, and this may be connected with the mysterious stock rise. Register stock tip: Well, not exactly, our stock observation is simply to remind you that initial investors in ZD's IPO have not as yet done famously, and to point out that Web operations have some distance to go before they're gold mines. ® Complete Register trial coverage