Venture Catalyst Is Attracting Attention
Venture Catalyst Inc. (ticker symbol: VCAT) zoomed $4.63 to $12.25 on Monday, as the obscure San Diego-based incubator and consultant for Internet businesses was added to the Internet Stock Review newsletter’s list of 20 Net stocks to watch in 2000.
No Wall Street brokerage analysts cover the volatile stock, according to Bloomberg News. The company, which was known as Inland Entertainment Corp. until December, fetched as little as $1.69 a share last March. It originated in 1991 as a consultant to Native American tribes on their gaming enterprises.
The Web site CBS MarketWatch, meanwhile, noted in its “Stock Watch” column Monday that several lesser-known publicly traded Internet investment companies, such as London Pacific (LDP, up 86% this year) and Friedman Billings Ramsey Group (FBR, up 73%) have been on a tear, along with Venture Catalyst (up 145%).
In 1999, of course, the best-known incubator, CMGI Inc. (CMGI) of Andover, Mass., and new offering Internet Capital Group Inc. (ICGE), which went public during the summer, exploded in value. CMGI is off 27% from its recent peak, while Internet Capital Group is off 41%.
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Little-known Internet business incubator Venture Catalyst Inc. of San Diego soared 61% on Monday after being highlighted by an online investing newsletter. Weekly closes and latest on Nasdaq (the stock was known as Inland Entertainment Corp. until December):
Source: Bloomberg News