Bid.Com elevated to TSE 300 and 200
Bid.Com International Inc BII
Shares issued 38,963,434 Apr 1 close $14.40
Thu 1 Apr 99 Street Wire
by Brent Mudry
The Toronto Stock Exchange is taking a bold index leap into cyberspace,
adding Bid.Com International, a heavily-hyped Internet stock, to its TSE
300 and 200 indices, effective April 16. The TSE disclosed Bid.Com's
elevated status on April 1. The exchange plans to add Bid.Com and TVA Group
to the broad indices, replacing Royal Oak Mines and Fracmaster, which are
fighting for survival. The TSE notice caps a flurry of activity in Bid.Com
shares. The stock peaked at $17.60 on March 26, almost tripling from the $6
level 10 days earlier. Bid.Com has ridden a wave of Internet rumours,
including musings of a takeover by Ebay, official company news, including a
pending Nasdaq listing, the launch of paid banner ads, a Dutch auction
patent and fawning media coverage. The hot stock $2 to $14.40 on volume of
2.97 million shares on Friday.
Bid.Com has traded 65.5 million shares, an average daily volume of 7.28
million shares, since March 22, when the heavy-volume kicked off with a
nine-fold increase in volume over the previous day. The TSE 300 elevation
for Bid.Com hopefully marks a contrast with the key index's recent
embarrassments with two other graduates. The move comes on the second
anniversary of the collapse of Bre-X Minerals in April 1997, and 11 months
after five dozen federal agents swooped down on the Pennsylvania
headquarters of YBM Magnex International last May.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
|
