AltaVista Withdraws IPO Filing, Cites Market Conditions

AltaVista, the majority-owned Internet portal of one-time high-flier CMGI(CMGI Quote), is withdrawing its registration statement for an initial public offering, providing more evidence -- as if any were needed -- that the market for new issues just isn't what it used to be.

AltaVista had filed with the Securities and Exchange Commission to offer 14.8 million common shares. The company said it was requesting the withdrawal because of continuing unfavorable conditions in the financial markets.

Shares of CMGI, which owns and develops Internet companies, ended the Nasdaq regular session at $4.72, but slipped to $4.19 in recent after-hours Island activity.

In June 1999, CMGI agreed to acquire control of AltaVista from Compaq(CPQ Quote) for about $2.3 billion.