GoTo.com Rockets During IPO-Laden Session
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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.
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.
Thomas Weisel Partners also initiated coverage of Inktomi with a "strong buy."
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