US Report: Open Market shares jump as Intel buys

Summary:Shares of Open Market jumped 9 percent Thursday, or 1 1/8, to 16 5/8 after Intel bought 330,000 restricted shares in the company. The companies also agreed to make Open Market's Internet commerce software available on Intel's processors.

Under the agreement, Intel bought 330,000 restricted shares of Open Market stock. Open Market has 30.6 million shares outstanding.

Open Market said it will make its Transact software available on Intel Pentium II-based servers running Windows NT and on Intel's next-generation IA-64 processors.

The two companies will also co-operate on joint marketing.

Open Market reported a first quarter loss of $5.8m (£3.5m), or 18 cents a share, on revenue of $15.2m (£9.3m). Wall Street is expecting a loss of 12 cents a share for the second quarter.

The company recently won three patents for its Internet commerce technology. The patents cover payments over the Internet, "electronic shopping carts," and tracking technology to analyse how users browse a Web site.

"We are in serious discussions to license the patents to some of the largest players," said Open Market CEO Gary B. Eichhorn at the PaineWebber investment conference on Tuesday. Shares of Open Market jumped 9 percent Thursday, or 1 1/8, to 16 5/8 after Intel bought 330,000 restricted shares in the company. The companies also agreed to make Open Market's Internet commerce software available on Intel's processors.

Under the agreement, Intel bought 330,000 restricted shares of Open Market stock. Open Market has 30.6 million shares outstanding.

Open Market said it will make its Transact software available on Intel Pentium II-based servers running Windows NT and on Intel's next-generation IA-64 processors.

The two companies will also co-operate on joint marketing.

Open Market reported a first quarter loss of $5.8m (£3.5m), or 18 cents a share, on revenue of $15.2m (£9.3m). Wall Street is expecting a loss of 12 cents a share for the second quarter.

The company recently won three patents for its Internet commerce technology. The patents cover payments over the Internet, "electronic shopping carts," and tracking technology to analyse how users browse a Web site.

"We are in serious discussions to license the patents to some of the largest players," said Open Market CEO Gary B. Eichhorn at the PaineWebber investment conference on Tuesday. .

Topics: Processors

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.