Stock Watch: CMGI Rises as Results Beat Forecasts

Andover, Massachusetts-based Internet incubator CMGI was up 3 9/16 at 60 3/16 early Wednesday after reporting a smaller than expected net loss for the third quarter ended April 30th.

The company reported a net loss of $428 million, or $1.53 per share, against a loss of $27.75 million, or 15 cents, in the same period last year. Analysts were expecting a loss of $1.83 per share. Revenue rose to $225.88 million from $43.66 million.

The results included a host of special items, including gains on the sale of Amazon.com and Yahoo! stock, and research and development charges. CMGI owns stakes in such Internet companies as Engage Technologies, Inc., MyWay.com, NaviSite and AltaVista.

During the quarter, the company’s venture capital partnership with Hicks, Muse, Tate & Furst, Inc. made investments in Alibris, GoFish.com, Snapfish and Craftshop.com, among others.

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