|
June 28, 1999 CheckFree's Stock Takes A Hit Stock in CheckFree Corp. took a fall last week when three heavyweight banks-Chase, First Union, and Wells Fargo-said they are forming a company to help financial institutions handle online bills. CheckFree, the dominant provider of technology for presenting and paying bills on the Internet, saw its shares plummet 30% on the news. CEO Pete Kight tried to assure investors that the banks are not competing directly with CheckFree, but investors were unconvinced. The timing of the banks' announcement couldn't have been worse for CheckFree. Two days earlier, the company priced a follow-on stock offering of 3.8 million shares at $39. But after the banks struck, CheckFree's stock was trading around $28, and it withdrew the issue. One partner of the three banks said the wake-up call may force CheckFree to focus more closely on its online billing efforts. If that doesn't work, the stock may not be the only thing to fall. |
  Tables Turn Among ISPs Down Under First-Half Report On Tech Stocks Mixed Half For PC, ERP Stocks E-Commerce: Making EDS Young Again? Free To Roam At Ikea Archived Daily Doses |
Send news, gossip and more to FrontEnd@cmp.com
This Week's Issue
Technology Whitepapers
- Mobile BI: Actionable Intelligence for the Agile Enterprise
- Creating the Enterprise-Class Tablet Environment - by Yankee Group
- How To Regain IT Control In An Increasingly Mobile World - by BlackBerry
- Red Alert: Why Tablet Security Matters - by BlackBerry
- New Visual and Wizard-Driven Paradigms for Exploring Data and Developing Analytic Workflows
