Commerce One Rises on News of Korean Venture
Commerce One
(CMRC)
was making big gains, up $4.25 to $43.50 Monday in preopen trading on
Instinet
, after announcing a joint venture with
GTWeb Korea
to open a business-to-business e-marketplace.
GTWeb is a conglomerate comprised of
LG Electronics
,
Hyundai
,
Kumho
and
TheStreet Recommends
Samyang
. The site will offer real-time buying and selling capabilities, in an effort to help buyers gain access to a network of suppliers.
In a release, Commerce One said
Forrester Research
has forecast that global e-commerce will hit $6.8 trillion by 2004, with Korea's B2B e-commerce rising to $21 billion by 2004 on a base of $6 billion, a compound annual growth rate of 143%.
On Friday, business-to-business stocks rallied after
Internet Capital Group
(ICGE)
announced a shareholder rights plan that would be triggered when someone attempts to buy at least 15% of its shares. The company said shareholders would get a preferred stock purchase right for each common share outstanding at the close of business on Dec. 6. The other B2B stocks getting action were
Ariba
(ARBA)
,
PurchasePro
(PPRO)
and Commerce One.
