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Tech Industry

Striking while the market's hot

Amid a sharp run-up in Net stocks, CitySearch floats a price for its IPO giving the company an implied valuation of about $270 million.

Amid a sharp run-up in Internet stocks, CitySearch today proposed a price for its initial public offering. The implied valuation of about $270 million comes despite continued losses at the CitySearch directory, but it reflects optimism that the company can capitalize on the red-hot stock market.

CitySearch sets IPO price
The online directory sets a price for its previously planned initial public offering at a range of between $11 and $13 per share for up to 4 million shares.

Net stocks keep on rising
Internet stocks continue climbing, with Amazon.com, CNET, EarthLink, and MindSpring leading the way.

Ameritrade announces stock split
update The online brokerage becomes the latest Internet company to declare a 2-for-1 stock split.