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Onsale Shares Rise 20% on Disk Drive Sales

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December 30, 1997| Bloomberg News

Onsale Inc. shares rose 16% after the Internet computer products retailer said it sold more than $1 million of disk drives in less than a month through an auction on the Web. The shares rose $2.31 to close at $16.44 on Nasdaq. Onsale said the disk drives were heavy-duty models originally intended for industrial file servers. They were manufactured by Micropolis Corp., which is operating under Chapter 11 bankruptcy protection. Onsale spokeswoman Stefanie Elkins said the five models of disk drives sold for an average price of $350 each. Under Mountain View-based Onsale's auction format, Internet users may continue to bid on merchandise until a specified deadline.

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