More IPOs sprinkled on the sector today, led by MP3.com’s explosive race from the offering gate, as Net stocks rose on the prospect of earnings reports from market favorites AOL and Amazon.
internet.com’s Internet Stock Index ended the day up 16.02 or 3.14% to 525.49. The Nasdaq Composite was up 29.48 to 2761.66 and the Dow Jones industrial average also completed a positive day, up 6.65 to once again cross the 11,000 mark and close at 11002.78.
MP3.com (MPPP) didn’t really suprise anyone today when it skyrocketed on the digital music download name tag. Originally slated for the $9 to $11 range, the MP3 warehouse caught the interest of French company Group Arnault, who took a stake.
MP3.com then raised its price range to $14 to $16, then nearly doubled it again last week at $26 to $28. It priced at $28, opened at a phenomenal 92, and ended the day at 63-5/16 (126%).
Online business profiler Hoover’s (HOOV) closed at 22 today in its IPO, 57% above its offering price of $14.
E-commerce software applications company Art Technology Group (ARTG), priced at $12 yesterday, opened at 16 and closed at 18-1/16 (50%). Voyager.net (VOYN) proved the least successful of today’s IPOs, rising 1/16 to 15-1/16.
Razorfish finished (RAZF) up 6-3/8 (19%) at 39-1/4 when it matched second quarter earnings estimates. Excite@Home (ATHM) was up 1-15/16 to 47 after matching Street estimates with its earnings announcements of small losses and doubled revenues.
Apple (AAPL) shares were up 1-3/16 to 54-1/16 following the release of the new iBook, the laptop version of the Internet-focused iMac, and announcements of wireless network capabilities and QuickTime TV, a network for Web-based video and audio.
Amazon (AMZN) is expected to release its earnings as well today, with the Street expecting quadrupled losses of around 51 cents per share caused by warehousing expansion and acquisitions. The shares still rose, up 5-5/16 to 125-7/16.
RealNetworks (RNWK) matched Street estimates for its earnings report, and rose 10-1/8 or 13% to 87-15/16 on the announcement.
America Online Inc. (AOL) rose 2-11/16 to 115-7/8 before its earnings were even out. The Internet giant released its report right after the bell, with the good news of a better-than-expected profit of .13 per share and revenue of $1.4 billion. More ads and more subscribers are credited for the results.
ALL NEW! internet.com’s HotWatch a monthly e-mail subscription for $99,
featuring Internet Stock Report’s Steve Harmon, and his 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. For $99 per year, 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
