Stock Watch: Internet Incubators Continue To Dazzle

Investors continued to salivate over Internet incubators on Monday, with both Internet Capital Group (Nasdaq: ICGE) and CMGI (Nasdaq: CMGI) seeing tremendous gains.

Shares of Internet Capital Group, which owns stakes of companies such as VerticalNet, Breakaway Solutions and the soon-to-be public, soared 30 to 200 after receiving positive comments from Merrill Lynch analyst Henry Blodget. Shares of CMGI, which has stakes in companies including Lycos, Engage, Navisite and the soon-to-be public AltaVista, thundered ahead 49-9/16 to 326-7/16. CMGI also was mentioned favorably by Merrill Lynch.

Certainly, Internet Capital Group and CMGI are positioned to capitalize greatly on the growth of the Internet and e-commerce, but the companies’ how-high-is-the-sky valuations should give investors pause. Internet Capital Group is now worth more than $52 billion and CMGI is now worth more than $40 billion.

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