Shares of Netcentives (NASDAQ:NCNT) jumped 14 percent on Tuesday from $55 to $62.75, and were up $20.25 to $83 in early trading on Wednesday. The stock soared because of news that financial giant Citigroup chose Netcentives’ ClickRewards program to reward shoppers who use Citigroup’s new CitiWallet electronic wallet. Netcentives develops online customer retention programs that are based upon rewards for e-commerce purchases.
Netcentives went public on October 14th, closing at $12.56 per share. Until the end of November, the stock traded in the $12 to $18 range, but has made a strong upward move since early December, with shares jumping into the $50 to $60 range until yesterday’s announcements.