Internet IPOs Retake Spotlight
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In what was an otherwise generally quiet day Friday, investors eagerly snapped up three Internet IPOs proving that at least for the short-term stocks in the sector are still a hot commodity.
USinternetworking Inc. (USIX) soared 36-1/2 to 57-1/2 after trading as high at 60 on their first day. The company allows businesses to use management software over the Internet.
Shares of iTurf (TURF) soared 35-7/16 to 57-7/16 after debuting at 20. The company, a unit of clothing retailer Delia's Inc., has a network of sites featuring content and information aimed at teenagers.
Extreme Networks Inc. (EXTR) rose 38-3/8 to 55-3/8 after debuting Friday at 17. The company manufactures switches used in corporate computer networks.
News of a stock split benefited shares of theglobe.com Inc. (TGLO) Friday, sending shares up 19-15/16 to 78-15/16. The company will split its shares 2-for-1 on May 14.
Verio Inc. (VRIO) leaped 19 to 66-1/2 Friday. Verio, which provides Internet connectivity and Web hosting solutions to businesses, benefited from an upgrade from Timothy Weller, Internet analyst at Donaldson Lufkin & Jenrette. Weller raised his rating to "top pick" from "buy."
Online auctioneer eBay Inc. (EBAY) jumped 11-5/8 to 183-3/8. The company is currently conducting a road show for a secondary offering. eBay plans to sell 6.5 million shares in an offering expected to price next Wednesday. Being a secondary offering, its price will be based on the last bid. Of the total 6.5 million shares, 2.25 million are being offered by insiders.
Intomi Corp. (INKT) leaped 27-9/16 to 132-3/16 following an announcement earlier this week that five new companies had adopted its search technology.