Sweet Sounds from RealNetworks, TCI Music

RealNetworks teams up with Globix; TCI, Liberty cut deal on Liberty's Internet and interactive television assets.

Author:: David Shabelman
Publish date:: Apr 6, 1999 5:32 PM EDT

SAN FRANCISCO -- Are you listening?

A number of stocks made noise today, but few louder than

RealNetworks

(RNWK) - Get Report

and

TCI Music

(TUNE)

RealNetworks closed up 40 15/16, or 27%, at 195 7/16. The streaming media company entered into a business agreement with

Globix

(GBIX)

that benefited both companies. Globix, which manages, produces and broadcasts live and on-demand content for the Internet and Intranets, will team with RealNetworks to sell RealNetworks products and services. Globix closed up 11 11/16, or 33%, at 47 9/16.

Also,

Donaldson Lufkin & Jenrette

initiated coverage of RealNetworks with a buy rating and set a 12-month target price of $250 a share.

They were dancing in the halls of TCI Music after

Liberty Media

(LMGA)

offered to sell its Internet and interactive television assets in exchange for TCI stock. TCI Music closed up 21 3/16, or 253%, at 29 9/16.

Liberty Media, which is a subsidiary of

AT&T

(T) - Get Report

, owns 86% of TCI Music. The assets it will sell include equity investments in

priceline.com

(PCLN)

iVillage

(IVIL)

Sportsline USA

(SPLN)

and

drugstore.com

Taking a Break

A couple of stocks that have been on fire of late saw profit-taking today. Among the day's losers was

Yahoo!

(YHOO)

, which has been on a tear since announcing it was buying

broadcast.com

(BCST)

. The company will report earnings on

Wednesday. It closed down 4 1/4, or 2%, at 214 7/8. Also,

Amazon.com

(AMZN) - Get Report

, on fire since establishing an online auction site, closed down 3 5/8, or 2%, at 182 7/8.

Among the winners was

Sun Microsystems

(SUNW) - Get Report

, which closed up 10 5/8, or 8%, at 140 5/8. The company, which will split 2-for-1 on Thursday, introduced products that will run with Microsoft operating systems.

Also,

LSI Logic

(LSI) - Get Report

closed up 3 1/2, or 11%, at 36 after receiving a strong buy rating from

Soundview Technology Group

. Also benefiting from an analysts' rating was

Double-Click

(DCLK)

C.E. Unterberg Towbin

initiated coverage of the stock with a strong buy and a 150 price target. It closed up 25 7/16, or 27%, at 121.