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RealTime IT News

GoTo.com Rockets During IPO-Laden Session

Search engine GoTo.com was the standout performer Friday in a session filled with Internet initial public offerings. The rest of the indices were left largely unaffected by triple witching, when futures and stock options expire on the same day, although the New York Stock Exchange had its busiest first hour ever.

internet.com's Internet Stock Index ended up 8.24, or 1.70 percent, to 493.87, the Nasdaq Composite gained 19.26 to 2,563.41 and the Dow Jones industrial average added 13.93 to 10,855.56.

GoTo.com (GOTO) was the day's big success story. The Internet directory, which allows companies to pay for guaranteed search results, shot up 7 to 22-3/8 on their first day after hitting a high of 28-1/2. The company sold 6 million shares at $15, raising $90 million.

Viant Corp. (VIAN) was also had a good debut. The company, which provides Internet consulting, design and professional services to corporations, soared 8-3/8 to 24-3/8.

Continuing on the IPO front, Mail.com Inc. (MAIL) gained 1-3/4 to 8-3/4. The e-mail messaging provider, whose clients include Time Warner, NBC and Snap.com, sold 6.85 million shares at $7 raising almost $48 million.

Priceline.com Inc. (PCLN) ended up 5-1/16 to 94 as investors applauded the appointment of Daniel Schulman as the company's president and chief operating officer. Schulman comes to Priceline.com from AT&T where he was chief of its consumer division.

Inktomi Corp. (INKT) gained 1-15/16 to 114-15/16, capping what has been a stellar week. Shares have jumped 24 percent this week following the unveiling of a new search product.

Thomas Weisel Partners also initiated coverage of Inktomi with a "strong buy."

Digital Subscriber Line provider Covad Communications Co. (COVD) leaped 5-5/16 to 44-7/8. The company Friday announced plans to sell 7.5 million shares at $38 each in a secondary offering.

Shares of CMGI Inc. (CMGI) jumped 3 to 99-1/2. Earlier this week, CMGI said its investors would be able to get in on IPOs for companies in which it has invested.

Others having a good day included EarthLink Network Inc. (ELNK) up 4-3/4 to 46-7/8, Go2Net Inc. (GNET) climbed 5-7/8 to 125-3/8 and Verisign Inc. (VRSN) soaring 9-5/16 to 65-15/16.


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