CMGI, AdForce Deal Livens Up Dull Day
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A major deal in the Internet sector was about the only thing investors could get excited about Monday during a light trading session.
Monday marked the lightest trading day of the year on the NYSE and the Nasdaq Composite came within one point of setting a record high.
internet.com's Internet Stock Index rose 1.60, or .32 percent, to 496.99, the Nasdaq Composite was up 15.97 to 2,885.59 and the Dow Jones industrial average inched-up 5.39 to 10,809.02.
CMGI (CMGI) announced that it will purchase AdForce (ADFC) , which develops ad serving and profiling technology. The price is about $500 million in CMGI stock. AdForce was up 3/4 to 20-1/4 and CMGI rose 3-7/16 to 83-7/16.
Sara Zeilstra of Warburg Dillon Read Monday raised her rating on Priceline to a "strong buy" from a "buy" and set a $125 12-month price target. Also, US Bancorp Piper Jaffray reiterated its "strong buy" on Yahoo!.
VeriSign Inc. (VRSN) was up 5-3/4 to 116 after Credit Suisse First Boston's Todd Raker initiated coverage with a "buy" rating. He considers the company to be the clear leader in the digital certificate market.
On the IPO front, the online wedding company The Knot filed to go public. The lead underwriter is CS First Boston.
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