Stock in Ziff-Davis, New York, fell 4% to a record low of $6 a share Sept. 22, sinking the tech media company's market capitalization to below that of rival CNET, San Francisco, its smaller but much-watched Web media competitor. ZD's market capitalization stood at $600 million, while CNET rose 7% to $36.125 a share, for a market cap of $611.7 million. ZD executives, scanning the value of CNET, have complained the market is failing to factor the value of CNET rival ZDNet into the price of ZD. ZD went public at $15.50 a share in April but has seen its stock fall over the past month, coinciding with ZD's report of a quarterly loss and turmoil in the overall stock market. CNET at mid-day today soared another 12.6% to $40.688 a share, for a market cap of $689 million. ZD was unchanged at $6 a share.
Copyright September 1998, Crain Communications Inc.