Signs of Life
In the wake of the failure of the Internet Gambling Prohibition Act to pass the House Monday night, Internet gambling stocks rose sharply Tuesday. Youbet.com was up 13 percent, American Wagering rose 8.3 percent and eLot was up 50 percent, albeit on low prices. According to Searchdice.com, trade volume for the industry spiked Tuesday to $55million, a 10 percent jolt.
One of the biggest gainers, as you might expect was software developer CryptoLogic Inc., which rose by 30 percent last week. In addition to the big news from the Hill, the company announced that it will be included in the Toronto Stock Exchange's main 300 Composite Index and the S&P/TSE Canadian SmallCap Index. Shares on the NASDAQ reached $31 Wednesday, their highest point since March.
Poker.com Announces Commencement of Trading
Poker.com, Inc announced that the SEC has accepted it as a fully reporting company and that its stock is now trading on the NASD OTC BB under the symbol "PKER."
Investrend Takes on Chartwell
Investment analyst Investrend announced that it will initiate research coverage of Chartwell Technology Inc., a developer of Java-based Internet casino games. Analyst coverage for the company will be initiated immediately by John M. Dutton, for Investrend's Public Analysis & Review (PAR), the professional independent analyst continuing research program. When completed shortly, the report will be available at Investrend's site, www.investrend.com, as well as from other leading investment portals.
Sky City Eyes Canbet
Sky City Ltd. of New Zealand announced its intention to buy a 33 percent interest in Canbet Ltd., an Internet sportsbook based in the Australian Capital Territory, for A$39.1 million.
eLOT Sells Off Healthcare Interest
eLOT, Inc. announced that it has sold most of the assets of its Healthcare Communications division to Grinnell Corporation for $5 million in cash, an additional $1 million to be paid in 90 days subject to closing adjustments, and the assumption of certain liabilities. The company says called the sale an important milestone in eLOT's strategy to focus its resources on its Internet subsidiary, eLottery, Inc.
E*TRADE Adds Portfolios, Expands Coverage
E*TRADE Group, Inc. announced that it has signed a letter of intent to acquire privately-held Electronic Investing Corporation, a San Francisco-based provider of personalized securities portfolios. Through the
acquisition, E*TRADE will combine its powerful brand and distribution channel of over three
million customers with eInvesting's cutting edge dollar-denominated securities platform to enable customers to create personalized portfolios of securities via the Internet. In addition to individual investors, E*TRADE plans to offer the personalized portfolios to financial advisors and corporations, who may offer the portfolios to their employees.
Meanwhile, Sprint PCS has agreed to provide mobile access to E*TRADE's wireless trading services on its PCS phones and wireless Web. E*TRADE will soon be featured within the Sprint PCS Wireless Web "Finance" category menu, enabling customers to enter stock transactions wirelessly on the minibrowser of any Internet-ready Spring PCS phone and receive free real-time stock quotes, news, research and alerts.