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CMGI Recovering From Earlier Low After Announcing Slower Cash Burn

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CMGI

(CMGI)

, a holding company with investments in 70 Internet ventures, touched a new low of $18.31 in early trading before turning higher after

stating it has enough cash to operate for two years. At midday, the stock was off 1.2%. CMGI, which is down 80% this year and more than 40% in the past two weeks, also said it is slowing its burn rate. In a report this week,

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Merrill Lynch

analyst

Henry Blodget said the company would be hard-pressed to boost its stock price.