From: Linda (joelinda1@home.com)
Date: Wed Aug 30 2000 - 16:44:04 PDT
Adam Rifkin wrote (on CommerceOne):
<< Any news? Darn stock was up 21% today on volume of 27 million.
4 million is average, what is up with that?
Ok to post answer to FoRK...>>
CS First Boston came out with report on B2B stocks, noting that their
recent meetings with major industrial companies and infrastructure
providers suggest continued momentum and accelerating adoption of
B2B's. Report was bullish on both large and mid cap B2B players.
CommerceOne additionally benefits from recent regulatory clearance for
electronic marketplaces. Earlier this month, the European Commission
cleared Myaircraft.com, an exchange for aerospace parts, and the U.S.
Federal Trade Commission cleared the Trade-Ranger energy and
petrochemical exchange. Because of this, many are anticipating the FTC
approval of Covisint, the auto exchange set up by Big Three
automakers General Motors, Ford Motor and DaimlerChrysler.
CommerceOne is the B2B associated with Covisint.
<< P.S. -- CMGi: another short squeeze or the start of something
special? :) >>
Nope, this might be the real thing. Very nice volume today - over twice
average daily volume - and closing price above the 50dma. Today's jump
comes after a period of consolidation following the 8/23 move, also
quite positive. At present CMGI remains in trading range. Break above
50 on decent volume and the downward trend will officially be reversed.
J. Mamis would say that a stock has hit a bottom when bad news no
longer causes the stock to tank. That might be the case with CMGI.
The stock rose significantly despite the announcement of Andy
Mitchell's resignation from AltaVistaUK over the collapse of the
unmetered Internet service plan. Or is that good news?
Recall that according to W.J. O'Neil, around 60% of a stock's
move is attributed to Market conditions. Nasdaq has moved up in 12 of
the last 14 trading sessions and VIX hovers around 19; it would not be
surprising to see some sort of a pull-back soon. Nasdaq also faces
significant resistance at 4200 (today's close at 4103). And September
is historically a nasty month for the Markets...
Linda
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