This Thursday, July 5th, search engine giant Local.com (LOCM - NASDAQ) of Irvine, Calif., leapt 26% after media company Hearst Communications reported a 22.4% stake in the search-engine operator, or about 2.7 million shares. The stake newly reflects warrants to purchase around 1.2 million shares, which weren't included in Hearst's April ownership filing because they had replaced old warrants for an identical amount of shares. In a March filing, which reflected the old warrants, Hearst reported 22% ownership in the company.
After a successful sale at $11.90 per share, over 30% were gained on this stock.Total gain over $2.9M. Not bad for a 'summer rally', Team.
