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On Monday, shares of e-commerce solutions company Art Technology (Nasdaq: ARTG) closed down 5-3/8 to 37-1/8 after trading in the 50s during the previous week. Investors had a right to worry that perhaps the stock's honeymoon was over. Apparently, it wasn't close to being over.
Shares of Art Technology continued a rather dramatic three-day rise on Thursday, gaining 19-7/16 to 67-7/16, a climb of 40.5 percent. After the markets closed on Thursday, the company reported record third-quarter earnings of $8.1 million, a 131 percent increase over the $3.5 million reported for the third quarter of 1998. Art Technology's net loss of $1.4 million, or five cents per share, was half of what analysts had expected.
Art Technology, which went public at $12 per share on July 21, also announced Thursday that it proposes to offer 4.5 million more shares of its stock to the public. Art Technology plans to file a registration statement for the proposed offering with the Securities and Exchange Commission within the next two weeks.
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