Palm IPO Takes Attention From Net Stocks
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Investors were spending Thursday watching shares of Palm Inc. soar 400 percent from its offering price, which was helping to nudge the Nasdaq Composite further into record territory.
At noon Eastern, internet.com's Internet Stock Index was off 3.04, or .30 percent, to 1,004.84, the Nasdaq Composite had added 7.71 to 4,791.79 and the Dow Jones industrial average was up 22.95 to 10,160.88.
Palm Inc. (PALM) shares had jumped 71 to 109 after opening at 145. The company, which manufactures personal digital assistants, sold 23 million shares at $38, raising $874 million. The offering was almost impossible to land since only 4.1 percent of the company was sold. That's the second-smallest percentage ever for a U.S. company. Goldman Sachs lead the offering.
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