RealTime IT News

CacheFlow Steals the Show

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.

Exactis.com (XACT) surged 10 to 24 after selling 3.8 million shares at $14. The company is a provder of e-mail marketing technology. The lead underwriter was Thomas Weisel Partners.

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.

LifeMinders (LFMN) rose 8-3/8 to 22-3/8. The direct online marketer sold 4.2 million shares at $14. The lead underwriter was Hambrecht & Quist.

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.

Onsale Inc. (ONSL) and Egghead.com (eggs) announced that shareholders have approved their merger. Onsale fell 2-5/16 to 23-15/16 and Egghead.com was down 1 to 13-1/2.

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.

China.com Corp. (CHINA) American depository receipts jumped another 24-5/16 to 117-11/16. The company acquired four Internet businesses in Asia and announced a 2-for-1 stock split.

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.

Ziff-Davis (ZD) rose 1-1/16 to 17-13/16. The company sold its cable channel, ZDTV, to Vulcan Ventures for $204.8 million.

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