IPOs Back in Favor As Internet Issues End Higher
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Internet stocks finished the week on a high note as investors once again were in a buying mood -- especially when it came to initial public offerings.
internet.com's Internet Stock Index was up 12.04, or 2.61 percent, to 473.87, the Nasdaq Composite was up 26.64 to 2,648.07 and the Dow Jones industrial average had jumped 122.84 to 11,086.68.
The IPO of MyPoints.com (MYPT) rose 3 to 11. Although, the stock was as high as 18-5/8. The company develops online direct marketing technology. The company issued 5 million shares and the lead underwriter was BancBoston Robertson Stephens.
Internet stocks got a boost from the Net analyst, Keith Benjamin, at BancBoston Robertson Stephens. Among the stocks Benjamin expects to lead the Internet recovery are America Online Inc. (AOL) which had slumped 7/8 to 95-1/8, Yahoo! Inc. (YHOO) , up 5-13/16 to 145 and Lycos Inc. (LCOS) , gaining 2-7/16 to 44-1/8.
Several other famous names benefitted from the positive comments, including Broadvision Corp. (BVSN) , climbing 3-13/16 to 95-3/4, eBay Inc. (EBAY) , up 9-1/4 to 123 and Inktomi Corp. (INKT) up 4-15/16 to 113-1/2.
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