Internet stocks rose higher in afternoon trading bouyed by two monster IPOs
and positive comments from industry analysts.
internet.com’s Internet Stock Index rose 16.07, or 1.62 percent, to 1007.99,
the Nasdaq Composite was up 86.10 to 4782.79 and the Dow Jones industrial
average matured 8.69 to 10137.00.
MatrixOne (MONE)
rocketed 48-13/16 to 73-13/16 in its debut. The firm helps build greater
integration within a company’s engineering, manufacturing, sales and
customer-service departments. MatrixOne sold 5 million shares at $25 per
share through lead underwriter Goldman Sachs.
The other monster IPO was ONVIA.com (ONVI), which sold 8 million shares at $21 per share through lead underwriter Credit Suisse First Boston. Shares jumped 40-1/2 to 61-1/2. ONVIA operates a
B2B marketplace, allowing small and medium sized businesses to sell/buy
goods and services.
Inktomi Corp. (INKT)
rose 3-15/16 to 141-1/16. S.G. Cowen maintained a “strong buy” rating and
raised its price target from $150 to $200.
Internet Capital Group Inc. (ICGE)
gained 4-3/4 to 110-1/2. Partner company, PlanSponsorExchange.com, Wednesday purchased investment firm Asset Strategy Consulting. Also worth noting, ICGE holds a 23.3 percent stake in ONVIA.com.
eBay Inc. (EBAY)
was up 5-7/8 to 149-1/4. The online auctioneer sealed a deal with Wells
Fargo Co. (WFC)
to operate a system that will allow eBay’s buyers and sellers to accept
credit card payments. As part of the deal, Wells Fargo will take a 35
percent stake in Billpoint, eBay’s electronic billing arm.
Priceline.com Inc. (PCLN)
gained 8-7/16 to 64-3/8. The “name-your-price” retailer Wednesday expanded
into Australia and New Zealand.
NBC Internet Inc. (NBCI)
slipped 1-7/8 to 50-11/16. The company Wednesday sealed a deal with Spinway.com to offer free Internet access.
E-Loan Inc. (EELN)
added 11/16 to 9-5/8. The company’s European unit Wednesday bought a German
bank and French online lender in preparation of its launch of regional
operations this spring.
Subscribe to internet.com’s HotWatch, a monthly e-mail newsletter
featuring Internet Stock Report’s top 10 noteworthy Internet stocks for the
month. Each month you will receive in-depth analysis on the top 10 Internet
stocks to watch with the information you need to assess the fast-paced
nature of Internet stocks. Staying on top of market changes in the Internet Stock
market is what counts. You receive 12 timely issues sent to you by e-mail. Don’t wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters
