Shares of The Cobalt Group (Nasdaq: COBT), which provides e-commerce solutions for the automobile industry, gained nearly 12 percent on Thursday, climbing 2-3/16 to 21 after the company announced an alliance with Excite@Home. The Cobalt Group will provide its 280,000 new vehicle listings from its auto dealership customers to Excite@Home, which will integrate the listings into Excite.com.
This major announcement is the second that The Cobalt Group has made in eight days. Last Wednesday, the company announced that it will launch Motorplace.com, a business-to-business portal site for car dealers. The company’s stock more than doubled the next day, climbing 13-5/8 to 24-1/8.