AvantGo moved up $2.94, or 47 percent, to $9.13 Tuesday, one day after the maker of mobile Internet browsing software introduced free services to throughout Scandanavia and expanded its browser service programming in the United Kingdom.
Company officials said the moves are part of a broader effort to expand into the European market, with additional local services planned for France and Germany in early 2001.
AvantGo (Nasdaq: AVGO) recently topped analysts' estimates in its third quarter, losing $10.9 million, or 47 cents a share, on sales of $4.6 million.
AvantGo claims 1.2 million registered users of its mobile Internet service in the United States. The company helps Web sites designed to run on personal computers to offer slimmed-down versions of the sites appropriate for small-screen devices.
The services allow users of the latest mobile Internet devices such as Palm and Pocket PC handheld computers WAP-enabled mobile phones to check news, sport, entertainment, business and travel information.
AvantGo made a series of announcements Monday:
AvantGo shares moved as high as $27.75 shortly after its September initial public offering.
All three analysts following the stock maintain either a "buy" or "strong buy" recommendation.
First Call Corp. consensus expects it to lose 39 cents a share in the fourth quarter and $1.47 a share in fiscal 2001.