Internet IPO Du Jour Rockets
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Internet stocks were generally quiet in midday trading Monday as investors took a pause following the digestion of earnings from a number of leaders. However, the sector's IPO du jour rocketed, proving investors are still bullish on the sector.
Just before noon, internet.com's Internet Stock Index was down 7.15, or 1.28 percent, to 553.39, the Nasdaq Composite was up 14.32 to 2,853.69 and the Dow Jones industrial average had shed 27.86 to 11,158.55.
The company's solid debut comes on the heels of a blowout performance from Efficient Networks (EFNT) which was up another 10-3/4 to 61-7/8. Efficient went public Thursday at $15 and soared 240 percent on their first day of trading.
CyberSource Corp. (CYBS) gained 4-3/16 to 37-1/2. The Internet transaction processor was mentioned in Business Week's "Inside Wall Street" column which speculated the company could be a takeover target. One possible suitor, the magazine said, could be credit card giant Visa International Inc.
Brokerage Charles Schwab (SCH) slumped 2-11/16 to 52-11/16. The company reported second-quarter earnings of 18 cents a share compared to 9 cents a year ago. Those results beat analyst estimates by a penny.
However, the company warned its margins and the number of daily trades its customers are executing have fallen.
Elsewhere in the sector E*Trade Group Inc. (EGRP) was off 1-1/16 to 37-15/16, National Discount Brokers Group Inc. (NDB) had fallen 2-1/16 to 49-5/16, and Southwest Securities Group Inc. (SWS) was off 1-9/16 to 60-1/4.
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