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  • nobonesaboutit nobonesaboutit Feb 7, 2005 3:08 PM Flag

    From the Wall St Journal

    Gurunet Up 41% Over Last Two Sessions On Positive Press


    DOW JONES NEWSWIRES
    February 7, 2005 1:20 p.m.

    By Roger Cheng
    Of DOW JONES NEWSWIRES

    NEW YORK -- Gurunet Corp. (GRU) shares surged more than 40% over the past two trading sessions after two financial news sites praised the company's Answers.com Web site.

    Gurunet's stock first jumped on Friday after Motley Fool asked, "Is Answers.com the next Google?" in a profile of the company.

    Monday morning, Forbes called Answers.com "the best Internet innovation in years" in its own article.

    "The company received incredible press since its inception," said John Baldissera of BPC Financial Marketing, which represents Gurunet. The company's public exposure has exploded over the past few days, he said.

    Wall Street is looking at the company's small size when stacked up to giant Google Inc. (GOOG), and many see a lot of room for growth, Motley Fool contributor W.D. Crotty said in the article.

    Forbes reporter Lisa DiCarlo said Answers.com uses a new approach to searching on the Web, providing information instead of Internet links on one clear page.

    Also helping Monday was an article in Barron's suggesting that peace prospects in the Middle East may be boosting stocks in that region. Gurunet, which is based in Wesley Hills, N.Y., holds much of its operations in Israel. Fellow Israeli company Orckit Communications Ltd. (ORCT) is up 15.8% to $57.64.

    Gurunet retreated from earlier gains, and recently traded at $24.60, up $1.62 cents, or 6.5%, on volume of 4.2 million shares. Average daily volume is 318,430 shares.

    Part of the run-up may be in anticipation of Gurunet's investor conference, scheduled for Tuesday. The company will discuss its positioning in the search engine market and provide details about its partnership with Google.

    Gurunet and Google have a mutually beneficial agreement to link to each other's Web site. Spokesman Baldissera said the agreement helps drive traffic to Answers.com, increasing the company's ability to generate pay-per-click revenue.

    A spokesman for Google wasn't immediately available to comment on the company's relationship with Gurunet.

    While there isn't a monetary component to the deal, Google's acknowledgment of Answers.com is "validation for an up-and-coming small company," Baldissera said.

    No major deals are expected to be unveiled during the conference call, said Gurunet spokesman Jay Bailey.

    -By Roger Cheng, Dow Jones Newswires; 201-938-5393; roger.cheng@dowjones.com
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GRU
4.67-0.03(-0.64%)Sep 16 4:00 PMEDT

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