Juniper Takes Big Hit
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Juniper Networks Inc. was taking a toll on the ISDEX in midday trading Wednesday as its shares got pummeled following the announcement of a secondary offering.
Just before noon, internet.com's Internet Stock Index was off 3.54, or .73 percent, to 484.70, the Nasdaq Composite had climbed 25.94 to 2,765.29 and the Dow Jones industrial average had jumped 88.33 to 10,917.61.
Juniper (JNPR) had plunged 17 to 188. The networking company, which only went public in June, Wednesday said it would offer up to 5.7 million shares in a secondary offering. No pricing details were disclosed.
Sector leaders were mixed, with America Online Inc. (AOL) down 1-3/16 to 90-1/8, eBay Inc. (EBAY) off 3-9/16 to 122, Exodus Communications Inc. (EXDS) down 3-11/16 to 76-11/16 and DoubleClick Inc. (DCLK) off 4-1/8 to 95-3/4.
It will now swap $105 million in advertising for a 30 percent stake. It will also get three seats on the company's board and will have warrants allowing it to buy an additional 5 percent.
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