Ziff Davis eyes record daily gain after asset sale to Accenture

Ziff Davis ZD.O shares rallying 76.1% to $49.32 on Tues after co agreed to sell its Connectivity division to Accenture ACN.N for $1.2 bln in cash

ZD stock on track to surpass biggest daily pct gain on record of 69.2% achieved in Jul 2000 and is easily top S&P 1500 index .SPSUP performer on Tues

The division being sold includes Ookla's Speedtest app and Downdetector outage tracker, and the sale will allow ZD to focus on its other websites like IGN and Mashable

New York City-based ZD said proceeds from transaction expected to be used for general corporate purposes and capital allocation activities

With move on Tues, ZD shares have surged ~40% YTD, compared to a >4% fall for the Nasdaq .IXIC and 1.5% drop in SPSUP

Stock recently at 4x expected earnings vs its five-year avg forward PE of about 9, suggesting shares may be undervalued, per LSEG Datastream data

Median PT is $37.00 and avg rating of 7 analysts is "hold"

ACN shares down 0.4% at $205.12 on Tues