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DSL.net shares double on IBM deal

Share prices in high-speed Net provider DSL.net double, after the small company announces a distribution deal with computing giant IBM.

Share prices in high-speed Net provider DSL.net doubled today, after the small company announced a distribution deal with computing giant IBM.

The company will provide its high-speed connections as a part of Big Blue's small-business program, the companies said today.

Following the announcement, DSL.net's stock jumped to a high of $7.06. Shares fell to $6.22, still up 99 percent, by market close.

DSL.net is one of several companies that have focused on building a presence in second- and third-tier cities around the United States. It offers service in about 300 cities scattered across 45 states.

The New Haven, Conn.-based company has struggled in recent months, after reaching a 52-week high of more than $30 this spring. The company went public in early October and is still trading below its opening price, even after its jump today.

Today's deal is part of IBM's Small Business WebConnections, which offers subscription services to high-speed connections and a range of corporate Internet services. The DSL packages start at $219 a month, the companies said.