Profitable e-commerce solutions company Broadvision (Nasdaq: BVNS) continued its recent stock-market tear on Wednesday, rocketing up 23-3/4 to 181-3/4, a gain of more than 15 percent. The climb came one day after the company announced record third-quarter earnings of $4.5 million, or 16 cents per share, which was three cents better than the consensus estimate of analysts. Broadvision had third-quarter revenues of $29.8 million, a 122 percent increase over the third quarter of 1998.
Broadvision stock soared on Wednesday despite the fact that Prudential downgraded the stock from strong buy to accumulate. Considering the run-up that this stock has had — Broadvision has traded as low as 13-5/8 in the last 52 weeks — it’s understandable if some investors are taking some profits.