Check out the street insider re Bii or bids. Looks like their may be some substantial news around the cirner. But time will tell. Took a position today. Olga
homestead.com
and
TORONTO, Sept 8 (Reuters) - Internet-related stock Bid.Com
International Inc. emerged as the winner of the day on
a weak Toronto equities market on Wednesday afternoon.
Shares in the online auctioneer charged 38 percent, or C$3
higher, to C$10.80 in the late afternoon on volume of more than
4.2 million shares, making it one of most heavily traded issues
on the Toronto Stock Exchange. It had reached as high as
C$11.50 before giving up some gains.
Wednesday's price range was still far below its 52-week
high of C$33.65. Its 52-week low is 56 Canadian cents.
The company, which is based in Toronto and Tampa, Florida,
announced on Wednesday that it unveiled a Web site redesign,
and partnerships with Rogers Video, part of the cable
television unit of Canada's Rogers Communications Inc.
, and with Canadian book chain Chapters Inc.
The news "shouldn't account for (its) stock valuation,"
said Duncan Stewart, fund manager at Tera Capital. Stewart
could not say why the stock was so popular.
However, an observer who declined to be identified said a
rumor had been circulating that Bid.Com, which had been a
market darling earlier this year but then fell out of favor,
was planning a big announcement.
The speculation centered on a deal, said to be unveiled in
a few weeks, for Bid.Com to provide its auction technology to a
major Web site, the observer said.
Bid.Com spokesman Greg Bewsh said that the company does not
comment on rumors, but added that the stock had risen because
of Wednesday's news of the new design Web site and
partnerships.
Also, Bid.Com's 51-percent-owned Point2 Internet Systems
Inc. had launched live auctioning, which had prompted a lot of
interest, Bewsh said.
($1=$1.49 Canadian)
((Lydia Zajc, Reuters Toronto Bureau (416) 941-8109, or
e-mail lydia.zajc@reuters.com)) |
