Street Sees IPO Rush
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High-flying Internet and technology shares were pausing in midday trading Friday as a number of new offerings were getting ready to make their debut.
At 11:45 a.m. Eastern, internet.com's Internet Stock Index was off 2.79, or .29 percent, to 948.94, the Nasdaq Composite had fallen 58.21 to 4,427.42 and the Dow Jones industrial average had lost 57.71 to 10,585.92.
Most leaders were slumping, including Cisco Systems Inc. (CSCO), off 3-13/16 to 132-1/8, Doubleclick Inc. (DCLK), down 3-1/8 to 115-3/8, eBay Inc. (EBAY), falling 3-1/8 to 159-1/4, Exodus Communications (EXDS) falling 2-15/16 to 117-7/16, Real Networks Inc. (RNWK), off 4-7/8 to 182 and Yahoo! Inc. (YHOO) had lost 5-11/16 to 359-5/16.
Among the IPOs, Via Net.Works Inc. (VNWI) had jumped 22 to 43 shortly after its debut. The company, which provides small and medium-sized businesses with Internet access, sold 14.3 million shares at $21.
Elsewhere in the sector, FatBrain (FATB) had plunged 5-1/4 to 15-1/2. The online retailer of technical information was downgraded to a "buy" from "strong buy" by Banc of America Securities and US Bancorp Piper Jaffray.
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