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.
Switchboard Inc. (SWBD)
also had a solid debut. The online directory rose 11-3/4 to 26-3/4. The
company sold 5.5 million shares at $15. Robertson Stephens and J.P. Morgan
were lead underwriters.
Radiant Systems Inc. (RADS)
gained 27-7/8 to 83-1/8. RADS produces electronic commerce systems and
announced it will team with Microsoft
Corp. (MSFT)
to create a Web-based B2B marketplace for retailers.
InfoSpace (INSP)
rose 23-7/16 to 261-7/16. Chairman and Chief Executive Officer Naveen Jain
said the company can exceed most analysts’ first-quarter estimates.
Spyglass Inc. (SPYG)
gained 15-1/8 to 82-1/8. The company Thursday licensed its browser
technology to Sony Corp. for use in a new line of set-top boxes.
Doubleclick Inc. (DCLK)
was up 2-7/8 to 83-7/16 despite news that it had received personal financial
information from users of Intuit Inc.’s
Quicken.com.
Ask Jeeves Inc. (ASKJ)
added 4-1/4 to 82. The search engine Thursday signed a deal with France’s
Alcatel who plans to use the technology to answer customer queries on its
Web site.
Mypoints.com Inc. (MYPT)
gained 3-13/16 to 54.
internet.com Corp. (INTM)
jumped 6-3/8 to 46. The publisher of this Web site Thursday purchased
privately-held LinuxApps.com.
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