Shares of e-business solutions company i2 Technologies (Nasdaq: ITWO) skyrocketed on Thursday, thundering ahead 41-1/2 — or 19.3 percent — to an all-time closing high of 256-1/2. The rise came one day after the company announced fourth-quarter earnings of $17.1 million, or 19 cents per share. Analysts had expected i2 Technologies to earn 16 cents per share.
The company had fourth-quarter revenue of $175.3 million, compared to $113.6 million in the fourth quarter of 1998. i2 Technologies also announced a two for one stock split.
Consider where the stock was just one quarter ago. On October 11th, i2 Technologies reported earnings of 12 cents per share, compared to analysts’ estimates of 10 cents. The stock rose 3 to 51-15/16 that day, and it is, of course, now trading almost five times higher.
On Thursday, Prudential upgraded i2 Technologies from accumulate to strong buy. If nothing else, it is a profitable Internet company that certainly has a lot of momentum.