STOCK WATCH

Deja.com

Deja.com, the Website that hosts internet newsgroups and discussion forums, plans to raise $58 million through an initial public offering. The company embarked on a revamp last month shifting its focus from being a gateway to Usenet chat groups to become an information exchange for consumers to share comments on products and services.

Adobe

Adobe Systems reported net income of $45 million for its second quarter ended 4 June, up 61 per cent from $27.9 million in the same quarter last year. Revenue for the period was $245.9 million, up 8 per cent from last year's $227.3 million. The company said strong sales of its graphics products to internet sites boosted profits.

Iomega

Iomega expects a second-quarter loss of between five cents and 10 cents a share, excluding a $45 million restructuring charge. The PC storage vendor, which expected to break even in the second quarter ended 22 June, blamed the expected loss on weakness in its Jaz drive and disk sales, and a delay in shipping its Clik PC Card drive. It will also cut 450 jobs with the closure of two Californian plants.

Corel

Corel said it would post a better-than-expected second-quarter profit after running at a loss for the first three months of its current financial year. The software vendor expects sales of $70.5 million in the second quarter ended 31 May, with a fully diluted net profit of 14 cents per share.

Chernikeeff

Networking company Chernikeeff has made its 62-year-old owner one of the UK's wealthiest IT magnates. Peter Harrison bought the privately owned PC network integration business for £133,000 in 1979. He has sold 49.9 per cent of Chernikeeff to quoted South African company Dimension Data Holdings, valuing the company at £200 million. Harrison retains 50.1 per cent of Chernikeeff, valuing his stake at more than £100 million.

Terence Chapman Group

Software and computer services vendor Terence Chapman Group, last week said it would float on the UK Stock Exchange in July. Terry Chapman, founder and chief executive of the company, said the listing would not be delayed by the poor performance of similar stocks such as Morse and Synstar.

Terence Chapman Group is expected to be valued at approximately £80 million.

The group forecasts pre-tax profit of £4.3 million for 1999.