The lively saga of Mamma.comtook another turn on Tuesday, with news that Internet billionaire Mark Cuban had taken a 6.3% stake in the meta search engine.
Cuban, who sold Broadcast.com to Yahooin 1999 and now owns the Dallas Mavericks and high-definition TV firm HDNet, told Internet Stock Report that his 600,000-share stake in MAMA was “just an investment I liked.”
“I will try to leverage my other holdings with Mamma.com – cross promotion,
generation of traffic, etc.,” Cuban said. “But that wasn’t the reason I bought the shares.
I love internet companies with low overhead that generate cash. These guys
don’t have to be number one, they just have to grow, and I think they will.”
For a day, at least, investors agreed with Cuban, sending shares of MAMA 24% higher. Mamma.com first grabbed headlines two weeks ago when it soared 150% in a day on a surprise profit.
Stocks ended the day higher in a volatile trading session, with terrorism fears ultimately overcome by a market-friendly policy statement from the Federal Reserve.
The Nasdaq rose 3 to 1943, the S&P 500 climbed 6 to 1110, and the Dow rose 81 to 10,184. Volume declined to 1.48 billion shares on the NYSE, but rose to 1.98 billion on the Nasdaq. Advancers led 19-13 on the NYSE, but decliners led 16-14 on the Nasdaq. Upside volume was 65% on the NYSE, and 59% on the Nasdaq. New highs-new lows were 85-19 on the NYSE, and 45-29 on the Nasdaq.
Copper Mountainsurged 10% on a deal with Ericsson.
Veritascontinued to fall on accounting concerns.
Yak Communicationsplunged 24% on plans to raise money.
All American Semidropped 14% on disappointing results.
Appledeclined 3% on negative analyst comments.
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