IPOs And Earnings: When It Rains, It Pours
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More IPOs sprinkled on the sector today, led by MP3.com's explosive race from the offering gate, as Net stocks rose on the prospect of earnings reports from market favorites AOL and Amazon.
internet.com's Internet Stock Index ended the day up 16.02 or 3.14% to 525.49. The Nasdaq Composite was up 29.48 to 2761.66 and the Dow Jones industrial average also completed a positive day, up 6.65 to once again cross the 11,000 mark and close at 11002.78.
MP3.com (MPPP) didn't really suprise anyone today when it skyrocketed on the digital music download name tag. Originally slated for the $9 to $11 range, the MP3 warehouse caught the interest of French company Group Arnault, who took a stake.
MP3.com then raised its price range to $14 to $16, then nearly doubled it again last week at $26 to $28. It priced at $28, opened at a phenomenal 92, and ended the day at 63-5/16 (126%).
E-commerce software applications company Art Technology Group (ARTG), priced at $12 yesterday, opened at 16 and closed at 18-1/16 (50%). Voyager.net (VOYN) proved the least successful of today's IPOs, rising 1/16 to 15-1/16.
Razorfish finished (RAZF) up 6-3/8 (19%) at 39-1/4 when it matched second quarter earnings estimates. Excite@Home (ATHM) was up 1-15/16 to 47 after matching Street estimates with its earnings announcements of small losses and doubled revenues.
Apple (AAPL) shares were up 1-3/16 to 54-1/16 following the release of the new iBook, the laptop version of the Internet-focused iMac, and announcements of wireless network capabilities and QuickTime TV, a network for Web-based video and audio.
Amazon (AMZN) is expected to release its earnings as well today, with the Street expecting quadrupled losses of around 51 cents per share caused by warehousing expansion and acquisitions. The shares still rose, up 5-5/16 to 125-7/16.
America Online Inc. (AOL) rose 2-11/16 to 115-7/8 before its earnings were even out. The Internet giant released its report right after the bell, with the good news of a better-than-expected profit of .13 per share and revenue of $1.4 billion. More ads and more subscribers are credited for the results.
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