Here's the news release on APNT & VIAN. Seems like a pep rally for all internet commerce consultants.
<<Apet, Viant surge after analyst's bullish view
September 10, 1999 08:59 AM
NEW YORK, Sept 10 (Reuters) - Shares in electronic commerce consulting firms AppNet Systems Inc. APNT and Viant Corp. VIAN rocketed Friday after bullish comments from an analyst.
Mark Wolfenberger, an analyst with Credit Suisse First Boston, which helped take the two firms public in June, called the momentum of AppNet shares "atomic." He urged investors to "back up the truck" and load up on the shares.
AppNet was up 19-5/8, or 126 percent, at 35 and was among volume leaders on the Nasdaq market. Viant rose 12, or 30 percent, to 51-1/2.
AppNet was the percentage-gain leader on the Nasdaq and Viant was second. Volume was extremely heavy, with AppNet at more than 70 times normal daily trading levels late in the morning.
Other leading Web business service stocks surged along with AppNet and Viant and clustered among top percentage-gaining stocks on the Nasdaq. Among them, Razorfish Inc. RAZF was up 9-5/8 at 36.
Calling the market for Internet business services "on fire," Wolfenberger raised his rating on AppNet to strong buy. He boosted the price target to $40 over an unspecified period.
Internet consulting and services packages are "reaping benefits and will become increasingly important as (the) e-comm market matures," he wrote. AppNet is "one of the few already there."
He also raised his outlook for earnings per share in fiscal 1999 to $0.01 from a loss of $0.01. Wolfenberger boosted his estimate of fiscal 2000 earnings per share to $0.20 from $0.17.
On Viant, he raised the rating to strong buy from buy and boosted the price target to $55 from $45. He said the shares were "not cheap" but investors "must own stock in current e-tidal wave."
Wolfenberger raised his estimates for Viant's 1999 loss per share to $0.25 from $0.35. He boosted his outlook for fiscal 2000 to earnings of $0.05 from a loss of $0.03 a share.
Credit Suisse First Boston was one of the underwriters of AppNet's and Viant's initial public offerings in June,>>
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