Business briefs

Chicago Sun-Times

March 29, 2000

Divine interVentures delays IPO

The target date for the initial public offering of divine interVentures, the Chicago-based Internet operating company, has been delayed for an undetermined amount of time. For the last several weeks, the 50-million-share IPO, priced between $6 and $8, was reported to be set for the final week in March, but now the company has no comment regarding when the offering will be made. Financial sources said divine has made investments in companies subsequent to its second and latest IPO disclosure-filing at the Securities and Exchange Commission, and likely will make another filing within days.

Travel portal hires tech officer

Alex Zoghlin has been named chief technology officer for an Internet travel industry portal being developed by United Airlines, Delta Air Lines, Northwest Airlines and Continental Airlines. Zoghlin founded Neoglyphics Media Corp. The travel site, to be launched later this year, will offer one-stop travel services from 455 air carriers, 200 hotel companies, 44 car rental companies and many other travel businesses.

CBOE vote backs e-trading

Members of the Chicago Board Options Exchange voted Tuesday 697-465 to authorize continued development of an electronic trading system. The CBOE's trading floor is heavily automated, but it has no computer network that affords access from traders' desktops. That service would be offered by the proposed International Securities Exchange, an electronic venture backed by major trading firms.

$700,000 for Merc seat

The price of a Chicago Mercantile Exchange membership jumped to a 4 1/2-year high as the No. 2 U.S. derivatives exchange moves closer to converting into a shareholder-owned company. A Merc membership, called a seat, sold Monday for $700,000, up from the previous sale price of $555,000 and the highest since October 1995, the exchange said. A seat on the Merc's index and option market division sold for $345,000, surpassing the record of $320,000 set in July 1995.

Kroger joins Sears' Net exchange

Kroger Co., the largest U.S. supermarket chain, said it will join the global electronic-commerce exchange started by Sears, Roebuck and Co., French retailer Carrefour SA and Oracle Corp. Named GlobalNetXchange, the Internet mart is expected to help match retailers with suppliers and cut costs.

UAL profits beat expectations

UAL Corp. shares rose 4.1 percent Tuesday after the parent of United Airlines said it expects first-quarter profit to exceed forecasts because of stronger-than-anticipated passenger demand and higher U.S. fares. UAL rose $2.31 1/4 to close at $59.31 1/4. UAL expects per-share profit from operations for the quarter ending Friday of $1.25 to $1.40. UAL was forecast to earn 98 cents a share, the average estimate of analysts polled by First Call/Thomson Financial.

Mall Web site to expand

Chicago-based General Growth Properties Inc. will permit customers to order goods from mall stores in June via its expanded Mallibu Web site (www.mallibu.com). Goods can be delivered same-day, via a delivery service or at the mall store for pickup. Shoppers also will be able to access the Web site at kiosks set up in an initial "test market" mall. Officials declined Tuesday to disclose the test site location.