Stock Watch: Media Metrix Report Boosts Struggling Webstakes

Shares of online sweepstakes/promotion site Webstakes (Nasdaq: IWIN) soared nearly 18 percent on Tuesday, gaining 1-7/32 to8-1/8 after the company annnounced that is now in the top 20 of Media Metrix’s list of leading shopping sites, ahead of industry leaders such as priceline.com and eToys. Webstakes doubled its overall reach in the third quarter of 1999, according to Media Metrix. From June 1999 to September 1999, unique visitors to Webstakes increased by more than 99 percent to 1.9 million visitors per month. Even after Tuesday’s gain, Webstakes remains one of the more disappointing initial public offerings of the year. The company went public at $14 a share in September and has traded as low as5-15/16. Webstakes is still significantly off from its IPO price, but recovery might be in sight. For one thing, the holiday shopping season could mean increased business for Webstakes, which helps retailers promote its products and services. The company’s current clients include NBC, which, along with Excite@Home, is an investor in Webstakes. Other customers include Autobytel, CBS Sportsline, Citibank and Disney.

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