The low volume that defined the week grew typically thinner this Friday and turned into a downright ghost town this evening on Island.
hopped along higher on evening news that the
Securities and Exchange Commission
will approve the portal's request to not be classified and regulated as an investment company.
Yahoo!, which owns interests in other companies and was subject to stricter SEC investment restrictions because of it, applied for an exemption in February.
The SEC defines an investment company as one engaged in the business of investing, reinvesting, owning, holding or trading in securities that represent more than 40% of total assets.
Yahoo! insisted it was not in the business of investing, punctuating the statement with six emphatic exclamation marks. The company told the SEC that it is not involved in speculation but rather makes small, noncontrolling investments in companies that complement its Internet business. Today the SEC granted Yahoo!'s exemption. This will hold if no objections are filed by agency regulators by June 12.
The evening news rallied Yahoo! shares up 1 2/16 to 121 7/16 on 30,000 Island shares.
managed to muster volume of 87,000 shares on Island, falling 5/16 to 3 5/8 postclose on a morning announcement that it will open the first Internet broadcast network across Europe. The Dutch company soaked in 23% today on the news, riding up 3/4 to 3 15/16, but the momentum was hard to maintain late night. There seemed to be a lot of interest in the stock but not too much direction.
Madge Broadcast Network
is an affiliate network to the
Real Broadcast Network
in the U.S., and features a broadcast operations center in Europe that uses
technology. The company will announce full details of the MBN service offering June 8.
develops the Electronic HouseCall System, a patented Internet-based technology system that provides remote health care monitoring. Tonight, the Florida-based company crashed on the late-night mention of a legal dispute. A class action suit was file against the cyber health care company, charging that Cyber-Care officers, insiders and directors violated federal securities laws by releasing false and misleading information about the development and sale of its Electronic Housecall System. All the alleged touting drove the stock from under 1 to over 37.
Lately the stock didn't have that much farther to fall. After closing at 8 3/16 today it stumbled 2 10/16 to 5 9/16 on 40,000 Island shares.
spiked on takeover speculation; today it dove 4 3/8 to 22 1/2 when the company denied the rumors. Late-night lurkers were not convinced, lifting the Internet and network access provider 3/4 to 23 1/4 on 17,000 Island shares. California-based Covad could use the boost after posting 52-week lows on May 17 and falling about 66% from its early March high.
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Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.