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.
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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%.
