RealTime IT News

IPOs Only Bright Spot in Session

Internet issues lost their momentum in afternoon trading, despite a strong showing from two high-profile initial public offerings.

internet.com's Internet Stock Index lost 7.43, or 0.74 percent, to 1,000.45, the Nasdaq Composite lost 29.65 to 4754.43 and the Dow Jones industrial average closed up 26.99 to 10164.92.

Palm Inc. (PALM) jumped 56-15/16, or 150 percent, to 94-15/16. 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.

Switchboard Inc. (SWBD) also had a solid debut. The online directory rose 11-3/4 to 26-3/4. The company sold 5.5 million shares at $15. Robertson Stephens and J.P. Morgan were lead underwriters.

Radiant Systems Inc. (RADS) gained 27-7/8 to 83-1/8. RADS produces electronic commerce systems and announced it will team with Microsoft Corp. (MSFT) to create a Web-based B2B marketplace for retailers.

InfoSpace (INSP) rose 23-7/16 to 261-7/16. Chairman and Chief Executive Officer Naveen Jain said the company can exceed most analysts' first-quarter estimates.

Spyglass Inc. (SPYG) gained 15-1/8 to 82-1/8. The company Thursday licensed its browser technology to Sony Corp. for use in a new line of set-top boxes.

Doubleclick Inc. (DCLK) was up 2-7/8 to 83-7/16 despite news that it had received personal financial information from users of Intuit Inc.'s Quicken.com.

Ask Jeeves Inc. (ASKJ) added 4-1/4 to 82. The search engine Thursday signed a deal with France's Alcatel who plans to use the technology to answer customer queries on its Web site.

Mypoints.com Inc. (MYPT) gained 3-13/16 to 54.

internet.com Corp. (INTM) jumped 6-3/8 to 46. The publisher of this Web site Thursday purchased privately-held LinuxApps.com.

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