Stock Watch: Philips Contract Helps Modem Media

Modem Media, Inc. (Nasdaq: MMPT) was among the stock market’s few winners Friday, closing up 1 1/2 at 17 after the company said it won a contract to develop an e-commerce initiative for Philips Electronics NV.

Modem Media said it will develop and implement “a major global Internet initiative” for Philips’ domestic appliances and personal care division.

“By providing customers worldwide with a personalized Internet experience relevant to their local country, Modem Media will help us provide a level of Internet customer service not found in our business today,” said David Humphrey, global manager for e-commerce and relationship marketing at the Philips division.

Modem Media is an Internet advertising and consulting company based in Norwalk, Connecticut. Last week, the company postponed plans to sell 4.5 million shares to the public because of falling stock prices. Company shares were trading above $56 just a month ago.

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