>>One analyst who declined to be identified, said online discussion groups, which closely track the company, were speculating that Nasdaq might soon accept a Bid.Com listing on the high-profile exchange. Bid.Com said in mid-February it expected to start trading on Nasdaq in the next 45 to 60 days.<<
Monday March 22, 6:12 pm Eastern Time
Bid.Com stock spikes up on Nasdaq rumors
TORONTO, March 22 (Reuters) - Bid.Com International Inc. (Toronto:BII.TO - news) spiked higher on Toronto's stock market on Monday, topping the most actives, as an Internet chat group debated whether the online auctioneer would soon trade on Nasdaq.
Bid.Com rose C$1.30, or more than 20 percent, to C$7.75 on more than five million trades late in the day. It had flown as high as C$8.10 but failed to match a 52-week high of C$9.90.
One analyst who declined to be identified, said online discussion groups, which closely track the company, were speculating that Nasdaq might soon accept a Bid.Com listing on the high-profile exchange. Bid.Com said in mid-February it expected to start trading on Nasdaq in the next 45 to 60 days.
''I think it's got to be speculation with respect to (a) Nasdaq listing,'' he said. ''If you go up on the stupid chat rumor lines, that seems to be the only thing they're talking about. Not (that) those guys reflect any of the volume.''
Bid.Com officials did not return calls.
The analyst pointed out that a U.S.-based Internet retailer had modest success with a recent Nasdaq listing. Egghead.com Inc. (Nasdaq:EGGS - news) said last week that underwriters exercised an over-allotment option to buy another 750,000 shares.
''Many people might see Egghead as similar to Bid.Com. Although they're very different, they both sell products over the Internet,'' he added.
Also, one trader noted that some of Bid.Com's U.S. rivals were popular on Monday. ''It's just maybe that the group in the States is running,'' he said. ''(It) may be just a sympathy thing.''
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