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Inktomi surges to 52-week high

Shares of the Internet newcomer posted double-digit gains today, closing at a new 52-week high.

Stock in Inktomi posted double-digit gains today, closing at a new 52-week high.

A spokeswoman for the company, however, gave no reason for the 17-percent jump in stock price.

The stock surpassed the psychological $100 barrier to close at 105.25. Shares have traded as high as 93.75 and as low as 30.75 in the past 52 weeks.

Inktomi went public in June at $18 per share.

Inktomi, which provides the behind-the-scenes Internet search technology for many of the top Net directories, reported a narrower-than-expected fourth quarter loss two weeks ago. The company said it processed more than 1.3 billion searches during the quarter.

Earlier this week, the company filed documents necessary for a secondary offering of 3 million shares and signed an agreement with Aeneid to provide search technology for Aeneid's information aggregation tools for businesses.

Daniel King, an analyst at LaSalle St. Securities said buzz surrounding the Aeneid deal and recent press coverage may have helped boost the stock.