Strong Internet Rally Helps Most of Day's IPOs
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Stocks rallied across the board Friday on the heels of positive economic data, helping two of the day's three Internet IPOs go out with a bang.
internet.com's Internet Stock Index rose 9.08, or 1.58 percent, to 585.47, the Nasdaq Composite jumped 25.87 to 2,886.51 and the Dow Jones industrial average rocketed 112.71 to 10,649.76
Two highly-anticipated Internet IPOs had a solid debut. Market research firm Jupiter Communications Inc. (JTPR) soared 14-1/2 to 35-1/2 on its opening day of trading. The company raised $65.6 million after selling 3.125 million shares at $21 each.
Priceline.com Inc. (PCLN) climbed 1-1/4 to 73-3/4 after the "name-your-price" provider of airline tickets, hotel rooms and mortgages was rated a "strong buy" by Morgan Stanley's Henry McVey who initiated coverage Friday.
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