Juniper Rockets After Debut
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Shares of Juniper Networks were soaring shortly after debuting Friday as the flow of Internet IPOs continues. All of the broader indices were on the rebound thanks to a downturn in the yield of 30-year Treasuries.
Juniper (JNPR), which manufacturers high-end routers, had rocketed 67 to 101. The company Thursday sold 4.8 million shares at $34 each, raising $163.2 million.
Overall, just before midday internet.com's Internet Stock Index was up 1.13, or .23 percent, to 501.31, the Nasdaq Composite added 22.28 to 2,576.27 and the Dow Jones industrial average jumped 106.38 to 10,641.21.
Amazon.com Inc. (AMZN) was off fractionally to 113-9/16. The company Friday hired Joseph Galli, former president of Black & Decker Corp.'s power tools and accessories unit, as its first president and chief operating officer.
AnswerThink Consulting Group Inc. (ANSR) had tumbled 5 to 22-3/4 and THINK New Ideas Inc. (THNK) was off 1-5/16 to 15-3/16. The e-business solutions companies agreed Friday to merge in a $231.2 million stock deal.
Shares of DoubleClick Inc. (DCLK) had fallen 6-1/16 to 75-5/8 after Janney Montgomerey Scott downgraded the company to "accumulate" from "buy." The firm said the possible sale of AltaVista could hurt DoubleClick. AltaVista, which represents about 30 percent of DoubleClick's revenues, is talking a deal with CMGI Inc. Analysts say if a deal goes through, DoubleClick will likely switch to CMGI-controlled Adsmart and Engage for ad services.
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