IPOs Only Bright Spot in Session
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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.
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