AOL TW ups 'Net exex; news boosts stock
Shares added more than $4 to close at $53.80
Shares added more than $4 to close at $53.80 as influential Morgan Stanley Dean Witter analyst Mary Meeker touted the powerful combined company as one of the best buys in the sector. The shares have gained about 14% since the merger's finalization was announced, proving Wall Street's theory that the deal closing -- a year in the making -- would be a catalyst to the stock price.
Investors also liked Thursday's news that AOL Time Warner wants to buy back up to $5 billion worth of its own stock.
New exex
Separately, the company said it appointed Ray Oglethorpe president of Net unit AOL Inc. He was previously prexy of AOL Technologies and will share management responsibilities with AOL Inc. chairman-CEO Barry Schuler.
Jonathan Sacks was promoted to president of AOL's flagship service from senior VP and general manager. Audrey Weil moves to president of CompuServe from senior VP and general manager. And Don Davis was named president of the interactive properties group. He was chief operating officer.
