Shares of online retailer iGo (Nasdaq: IGO), which sells accessories for mobile computing devices and cellular phones, rocketed 1-11/16 to 8-11/16 on Wednesday after the company announced a partnership with IBM. iGo will offer users of IBM’s ThinkPad and WorkPad users direct access — via the Internet or telephone — to purchase computer batteries, adapters, chargers, memory, hard drives, modems and other related products. IBM will provide its customers with links to iGo’s offerings.
Shares of iGo could be a buy right now, considering that mobile computing/handheld devices is a high-growth area and also that iGo stock is a lot cheaper now than it was not long ago. The company went public at $12 a share in October and traded as high as 26-1/8 before tumbling well below its initial public offering price. On Tuesday, the company said that it expects to report approximately $8 million in net revenue for the fourth quarter of 1999, an approximate 135 percent increase over the $3.4 million reported in the fourth quarter of 1999.