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CMGI (CMGI - 39-1/2) is a firm that invests in high-quality Internet names. The company's portfolio consists of 70 equities, including such names as Lycos (LCOS - 61), Furniture.com, and iCAST. Additionally, the company owns an 83-percent stake in the search engine Alta Vista.
This morning, CMGI announced its latest method of propaganda for its name; it is buying the naming rights to the New England Patriots' stadium. CMGI will pay $7.6 million each year for a 10-year period.
The technology company could use a boost of late, given its recent price action. Since hitting double-top resistance in early March, CMGI has declined over 70 percent. Today's news has given the equity a nearly five-percent boost, taking it above its 10-day and 20-day moving averages. CMGI may want to take heed of "The Stadium Jinx," a phenomenon which Bernie Schaeffer discussed in early July.