Internet Capital Group Gains 11.7% on Initiation

Internet Capital Group

(ICGE)

was up 11.7% in early afternoon after

Salomon Smith Barney

started coverage with an outperform rating and a target of $7, saying the manager of business-to-business companies has a "potentially strong portfolio" and a solid cash position.

Salomon also began coverage of Internet holding company

CMGI

(CMGI)

, assigning it a neutral rating and a target of $6. Salomon applauded CMGI's restructuring but expressed caution due to the lack of visibility.

CMGI was up 4.1%.