Juniper Defies Broader Market Losses with Stellar Debut
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Juniper Networks was the standout Friday, soaring on a down day that saw low volume across all market indices. Once again, the 30-year Treasury rose as investors were increasingly opting for a safer place to put their money.
internet.com's Internet Stock Index closed down 9.37, or 1.87 percent, to 490.81, the Nasdaq Composite lost 1.33 to 2,552.66 and the Dow Jones industrial average climbed 17.33 to 10,641.21 after four straight losses on what was the lightest trading day of the year.
Juniper (JNPR), which manufacturers high-end routers, soared 64-7/8 to 98-7/8. The Internet networking company Thursday sold 4.8 million shares at $34 each, raising $163.2 million.
The day's other Internet IPOs were mixed. Stamps.com (STMP) gained 2-11/16 to 13-11/16. The company, which competes with E-Stamp and Pitney Bowes, is developing a system that will allow customers to print postage using personal computers. Stamps.com's system has yet to be approved by the U.S. Postal Service. The company sold 5 million shares at $11 each.
Internet.com Corp. (INTM) ended its first day unchanged. The company, which publishes this Web site, sold 3.4 million shares at $14 each.
Finally, Persistence Software (PRSW) climbed 2-13/16 to 13-13/16. Persistence specializes in e-commerce solutions for large companies. It priced 3 million shares at $11 each.
MindSpring (MSPG) slumped 4-9/16 to 77-9/16. The company's shares went on an upswing Thursday after officials confirmed the ISP was in talks with unspecified parties over possible business combinations.
Ticketmaster Online-CitySearch Inc. (TMCS) 2-11/16 to 25-11/16. The company, which sells tickets to sporting events and concerts and provides local event information, was rated a "buy" by Thomas Weisel Partners who initiated coverage Friday.
Wit Capital Corp. (WITC) continued to rise, adding 3-1/16 to 18-9/16. The company, which offers initial public offerings to individual investors online, has climbed more than 70 percent over the past five days.
Amazon.com Inc. (AMZN) was off 3-7/16 to 110-3/16. 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) tumbled 4-1/16 to 23-11/16 and THINK New Ideas Inc. (THNK) ended off 5/8 to 15-7/8. The e-business solutions companies agreed Friday to merge in a $231.2 million stock deal.
Shares of DoubleClick Inc. (DCLK) fell 5-3/4 to 75-15/16 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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