MARKET SAVVY : SAVVY CONFIDENTIAL: A Briefing for Investors : GoTo.com Shares Up on Rumored AOL Interest
Shares of GoTo.com Inc., a Pasadena-based online search service, jumped 20% on Tuesday after a message posted on a Web site speculated that America Online Inc. is interested in buying the company.
GoTo.com, which lets companies bid for top listings in its Internet search results, rose $8.44 to close at $51.44 on Nasdaq. The company went public at $15 a share in June.
StockRumors.com listed a message calling GoTo.com “the latest company to be rumored as a takeover target of AOL.” GoTo declined to comment on the speculation. Officials at America Online, the largest Internet service, were not available to comment.
GoTo.com generates income from online companies that pay to get top billing in a category. Amazon.com Inc., for instance, would pop up first in a search for the word “book.”
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