Garden.com Flourishes in Midst of Hurricane
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Gardening community site Garden.com went public today, entering a market that slowed due to Hurricane Floyd. The storm kept stocks down on low volume, but Garden.com was able to prosper.
internet.com's Internet stock index fell 5.54, or 1.11 percent to 493.73, the Nasdaq Composite dropped 7.59 to 2806.58, and the Dow Jones Industrial Average slid down 63.96 to close at 10737.46.
Garden.com (GDEN) traded as high as 21 1/4, up from its offering price of 12, to close the day at 19 1/16. The site offers products and services designed specifically for home gardeners. Its underwriters include Hambrecht & Quist, BancBoston Robertson Stephens, Thomas Weisel Partners LLC and Charles Schwab & Co. Inc.
Elsewhere in the market, Chinese portal site China.com (CHINA) saw its shares move up 15 5/8 to 68 1/4 on news that Lehman Brothers Asia reiterated its "buy" rating. The company had slipped earlier in the week after the Chinese government announced plans to ban any foreign investment in Chinese-based Internet companies.
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