While the Nasdaq fell nearly 100 points on Wednesday, two recently public CMGI-affiliated companies saw their stocks thunder to all-time closing highs. Shares of Engage Technologies (Nasdaq: ENGA), a profile-driven online marketing company, soared nearly 23 percent on Wednesday, rising 27-1/4 to 146-1/4. The company announced last week that it will buy fellow CMGI properties Adsmart and Flycast.
Meanwhile, applications service provider Navisite (Nasdaq: NAVI) climbed nearly 15 percent, gaining 14-3/4 to 113-3/4.
What makes the performance of Engage and Navisite somewhat surprising is that neither company announced any news on Wednesday. Meanwhile, shares of CMGI fell 3-7/16 to 111. The stocks of both Engage, which went public at $15 a share in July, and Navisite, which went public at $14 a share in October, have had tremendous runs since going public. At this point, these two stocks might primarily be moving on momentum, but you cannot rule out the possibility of a new alliance between the companies.