Local.com shares soar after mobile local search patent win
BANGALORE, July 2 (Reuters) - Shares of Local.com (LOCM.O) rose 52 percent, after the Web search services provider said it received a patent for mobile local search.
The Irvine, California-based company said the patent relates to responding to directory assistance inquiries using protocols including voice-enabled and SMS systems.
The patent can help search results to be provided to consumers via mobile channels, including voice.
"Obviously the market considers it valuable," Canaccord Adams analyst Colin Gillis said by phone.
"People are realizing that they have got this little company that can control the future of mobile local search," Gillis said.
Gillis said it can block its competitors from competing in the mobile search environment.
Local.com's competition includes Idearc Inc.'s IAR.N Superpages.com, as well as Web giants Google Inc. (GOOG.O) and Yahoo Inc. YAHOO.O.
Local.com shares rose $3.78 to $10.70 in morning trade on the Nasdaq.
(Reporting by John Tilak in Bangalore)
((Editing by Jarshad Kakkrakandy; Reuters Messaging: email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800)) Keywords: LOCALDOTCOM SHARES/
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