How much is a good name worth? The answer seems to be “a lot” for Webstakes (Nasdaq: IWIN). Shares of Webstakes rocketed more than 17 percent on Monday, gaining 3-5/16 to 22-5/16 after the company announced that it is changing its name to Promotions.com. On Wednesday, the company’s Nasdaq ticker symbol will change to PRMO.
“The name change was necessary to clarify that our company is a business-to-business solutions provider, not a business-to-consumer Web site,” said Steven H. Krein, chairman and CEO of Promotions.com.
This kind of distinction is important because investors are losing patience with many business-to-consumer companies. Also on Monday, Promotions.com announced Promotions.com Direct, an e-mail marketing solution for online and offline businesses. Customers include AltaVista, BellSouth, ESPN.com and Hewlett-Packard.