CacheFlow Steals the Show
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Initial public offerings stole the show on Friday in what was an otherwise lackluster session, led by CacheFlow which posted a 426 percent gain.
internet.com's Internet Stock Index closed up 2.64, or 0.39 percent, to 682.91, the Nasdaq Composite gained 22.02 to 3,369.13 and the Dow Jones industrial average shed 31.81 to 11,003.89.
After pricing at $24, CacheFlow (CFLO) ended the trading day at 102-3/8. The company, which provides technology that speeds-up content delivery on the Web, sold 5 million shares at $24. The lead underwriter was Morgan Stanley Dean Witter.
As for the other IPOs, Mediaplex (MPLX) rocketed 17 to 29. The company is a leading-edge developer of online advertising solutions. Strategic partners include Ariba and DoubleClick. Mediaplex sold 6 million shares at $12. The lead underwriter was Lehman Brothers.
Sciquest.com Inc. (SQST) climbed 14 to 30. The company, which produces a portal site for the biosciences industry, sold 7.5 million shares at $16. The lead underwriter was Donaldson, Lufkin & Jenrette.
GoTo.com (GOTO) fell 4-7/8 to 108-1/4. An appellate court ruled that Disney could continue to use its logo for another 30 days. A lower court had earlier denied the use of the logo because of an infringement claim from GoTo.com.
Leaders were mixed, with Ariba Inc. (ARBA) closed down 1-7/8 to 204-3/8, Broadcom Corp. (BRCM) climbed 21-11/16 to 196-1/2, Broadvision Inc. (BVSN) added 5-1/4 to 97-1/2 and Juniper Networks (JNPR) gained 6-1/4 to 310.
On the losing side, CMGI Inc. (CMGI) ended down 1-3/16 to 124-7/8, eBay Inc. (EBAY) shed 6-5/16 to 145-15/16, Inktomi Corp. (INKT) lost 4-1/2 to 130-1/8 and Network Solutions Inc. (NSOL) rose 1-1/2 to 159-7/8.
Elsewhere in the sector, SportsLine USA (SPLN) jumped 6-1/4 to 46. CBS, which owns a major stake in the company, Friday announced it had signed an 11-year, $6.2 billion agreement that gives it the right to broadcast NCAA college basketball.
Customer management and billing software maker Portal Software (PRSF) was up 4-15/16 to 96-15/16 after Merill Lynch raised its intermediate rating to "buy" from "accumulate" and set a $140 price target.
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