The announcement by Facebook Inc FB that it is launching Atlas, which allows brands to use the social network to target ads on the web and mobile, provided a lift Monday to other similar targeted ad companies.
Shares of LookSmart, Ltd. LOOK rose more than 50 percent, moving from $1.62 to $2.45. Speculators may have taken positions in LookSmart, with the idea that it may be acquired by a Facebook competitor looking to compete in the targeted ad space. Shares of Voltari Corp VLTC also rose in sympathy, rising 15 percent on the day.
Both are giving back some of the gains, with LookSmart down 10.8 percent and Voltari lower by nearly 11 percent Tuesday.
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