Shares of internet advertising outfit DoubleClick Inc have soared the past couple of days following a press release by the company boasting that its had the third-largest internet advertising audience, behind only America Online Inc and Yahoo! Inc for the month of April. The company based its claim on research by Media Metrix, which recently decided to begin including web-based advertising networks such as DoubleClick in its monthly reports on internet traffic. Following DoubleClick’s announcement, shares in the company soared $14.30, or nearly 29%, to close at $64. At one point the shares were up as much as $21. The sudden rise in share price prompted the Nasdaq stock exchange to ask the company to issue a public statement outlining any corporate developments that may explain unusual trading activity. In response to Nasdaq’s request, DoubleClick Inc flippantly stated that it was company policy not to comment on share price movements. The company’s announcement drew heavy criticism from competitors, who said that it is a misrepresentation to compare the figures for a network of sites such as DoubleClick’s, to standalone web sites – especially when no other similar networks were included in the list. DoubleClick stands by the figures, and laid responsibility for the research squarely on the shoulders of Media Metrix. Calls to Media Metrix for an explanation of its findings were not returned. As far as the share price jolt, DoubleClick would still not comment on the recent trading activity and a spokesperson said that Nasdaq’s request did not come with any hard-line undertones. Criticism aside, on Thursday the shares continued surging, trading as high as $77.125, before closing up $7.625 at $71.625. More than four-and-a-half million shares traded hands, nearly 13 times the stock’s average daily volume of 350,000.
