Investors bid up shares of
despite the fact that the company guided down 2001 forecasts.
DoubleClilck lately soared $3, or 26.7%, to $14.31 in early afternoon trading on the
. The 52-week high is $129.09, and the low for the year is $8.
Yesterday, the Internet advertising concern issued its fourth-quarter
earnings, in which the company said it broke even on a per share basis, beating Wall Street's projection. But DoubleClick, which sees media revenue falling 30% to 35% in the first quarter, and between 25% to 30% this year, also lowered its 2001 forecast. The company expects a loss of 7 cents to 9 cents a share for the first quarter, wider than the loss of 6 cents analysts are expecting.
today lowered its 2001 earnings estimate for the New York-based company to 8 cents from 19 cents.
Banc of America
also cut its 2001 earnings estimate by a nickel to 10 cents and reduced its revenue estimate by 5% to $556 million.
Dain Rauscher Wessels
today initiated coverage of DoubleClick with an aggressive buy rating.