Domain-based Web-hosting service Verio (Nasdaq: VRIO), which caters to small- and medium-sized business, avoided the downward trend in the Internet sector on Friday after the company announced a 2-for-1 stock split. Shares of Verio climbed 2-5/8 to 81-5/8 after the news. The stock split will take effect in late August and be payable to shareholders of record on August 3.
Verio stock was also boosted by news that Salamon Smith Barney had started coverage of the company with a buy rating and 12-month price target of $105. Salomon Smith Barney pointed out that Verio, which has 240,000 customers, is by far the dominant player in Web hosting.