AfterDawn: Tech news shares rise

Written by Jari Ketola @ 16 Nov 2000 14:22

The Inc. shares rose 37 percent Thursday as investors highly appreciate the licensing deal between Inc. and Universal Music.
Analysts are cautiously enthusiastic about the prospects for the company, cheered by the resolution of a 10-month old copyright infringement lawsuit, but anxious for the company to execute its business plan.

Shares closed at $8-1/2 on Thursday, up $2-5/16, or 37 percent, the day's largest percentage gainer on Nasdaq. They reached as high as $9-1/4, the highest level since August. Since the licensing deal was announced, the company has seen its market capitalization jump to $582 million from $273.9 million.

On Tuesday, the company agreed to pay Seagram Co's Universal Music $53.4 million in damages after a U.S. district court held that a database of 80,000 albums copied by for their service violated copyright law. After the agreement was reached re-opened the service.

Yahoo! News

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