Internet Capital Group Added to Russell 3000 Index
Monday June 28, 9:44 am ET
WAYNE, Pa.--(BUSINESS WIRE)--June 28, 2004--Internet Capital Group (NASDAQ:ICGE - News), a leading e-business applications company, today announced its addition to the Russell 3000® Equity Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. More than $360 billion is invested in index funds based on Russell's indexes and an additional $850 billion is benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index. The reconstitution took place after market on Friday, June 25, 2004.
"ICG has been intensely focused on building stockholder value, concentrating 100% of its efforts and resources on strengthening its balance sheet and driving the performance of its Partner Companies," said Walter Buckley, CEO and chairman of ICG. "We're very excited to see this progress be recognized and to be selected to join the Russell 3000 index."
Annual reconstitution of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000. For a list of the Russell 3000 index, visit russell.com.
About Internet Capital Group
Internet Capital Group (www.internetcapital.com) is an e-business applications holding company that builds and owns software and services businesses that leverage the Internet to help organizations operate more productively. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of e-business companies that take advantage of the evolution to Internet architectures in key business sectors. |
