Internet stocks finished the week on a high note as investors once again were in a buying mood — especially when it came to initial public offerings.
internet.com’s Internet Stock Index was up 12.04, or 2.61 percent, to
473.87, the Nasdaq Composite was up 26.64 to 2,648.07 and the Dow Jones
industrial average had jumped 122.84 to 11,086.68.
As for Net IPOs, the online search directory,
LookSmart Inc. (LOOK)
, saw its shares surge 5-5/16 to 17-5/16. The company offered 7.7
million shares and the lead underwriter was Goldman Sachs.
The IPO of MyPoints.com (MYPT)
rose 3 to 11. Although, the stock was as high as 18-5/8. The company
develops online direct marketing technology. The company issued 5 million
shares and the lead underwriter was BancBoston Robertson Stephens.
Agile Software (AGIL)
was another big IPO. The stock ended the day up 18-7/8 to 39-7/8. The
company sold 3 million shares and had Morgan Stanley Dean Witter as its
underwriter.
Internet stocks got a boost from the Net analyst, Keith Benjamin, at
BancBoston Robertson Stephens. Among the stocks Benjamin expects to lead
the Internet recovery are America Online
Inc. (AOL)
which had slumped 7/8 to 95-1/8, Yahoo!
Inc. (YHOO)
, up 5-13/16 to 145 and Lycos Inc.
(LCOS)
, gaining 2-7/16 to 44-1/8.
Benjamin also said Internet venture capital firm CMGI Inc. would be a good holding for
investors who wanted to get in the sector with a safer play. CMGI (CMGI)
had climbed 1-3/16 to 79-15/16.
Several other famous names benefitted from the positive comments,
including Broadvision Corp. (BVSN)
, climbing 3-13/16 to 95-3/4, eBay
Inc. (EBAY)
, up 9-1/4 to 123 and Inktomi
Corp. (INKT)
up 4-15/16 to 113-1/2.
The portal site
China.com (CHIN
A) rose 3-1/2 to 35-1/2. The company reported a second-quarter profit
of $1.88 million compared to a loss of $1.98 million a year ago.
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