Stock Watch: Engage Defies Downward Trend

Online profile-driven marketing company Engage, which has CMGI as its majority shareholder, was another of the small minority of winners in the Internet sector on Thursday. The stock gained 2 to 32 on relatively heavy volume of more than 2.6 million shares.

It’s been a wild ride for Engage, which went public at $15 last Tuesday and closed its first day of trading at $41. The stock fell every single day after the IPO until this Wednesday, when it climbed 4 to 30.

Engage was partially boosted Thursday by the fact that controversial Internet stock guru Tokyo Joe has been talking up the stock. Whether you like Tokyo Joe or despise him, it’s obvious that he often influences the decisions of many day traders. However, Engage is hardly a stock that’s moving solely on hype.

Shares of Engage were up 2-3/4 to 34-3/4 in early trading today.

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