A few Internet companies making their debut in the public marketplace and
optimistic comments from industry analysts sent the ISDEX and Nasdaq indices
higher on Tuesday.
The long awaited IPO of an online e-tailer also provided plenty of
excitement for Internet investors.
internet.com’s Internet Stock Index (ISDEX) was up 21.58, or 2.39 percent,
to 924.33, the Nasdaq Composite rocketed 106.04 higher to 4427.81 and the
Dow Jones industrial average added 51.81 to 10957.60.
Buy.com (BUYX)
priced 14 million shares at $13 per share with lead underwriter Merrill
Lynch. Shares surged 12-1/8, or 93 percent, to 25-1/8.
Fastnet (FSST)
priced 4 million shares at $12 per share with lead underwriter ING Baring
Selz. Shares of the Internet Service Provider (ISP) jumped 4-5/8, or 39
percent, to 16-5/8.
Red Hat (RHAT)
added 1-7/16 to 90-3/8 after JP Morgan initiated coverage with a long-term
attractive rating and $115 price target.
Climbers included About.com Inc. (BOUT)
, up 5-15/16 to 73-15/16. The online guide was rated “strong buy” by
Deutsche Banc Alex. Brown’s Andrea Williams who initiated coverage Tuesday.
Reuters Group PLC (RTRSY) American depositary receipts soared 26-1/8 to 125-1/2 and Multex.com Inc. (MLTX)
gained 1-5/8 to 31-1/2. Reuters plans to form a new Web site targeting
European private investors in partnership with Multex.
Akamai Technologies Inc. (AKAM)
was up 12-15/16 to 240-15/16. The company, whose software optimizes the
delivery of Web content, was initiated by Lehman Brothers’ William Garrahan
with a “buy” rating.
Starmedia Network Inc. (STRM)
jumped 7-1/8 to 48-1/4. The company reported a quarterly loss of $27.8
million, or 44 cents a share. That’s 6 cents better than expectations.
Hotjobs.com (HOTJ)
lost 2-7/16 to 28-1/2. The online job site reported a fourth-quarter loss of
15 cents a share, excluding one-time items. That’s a penny better than
expectations.
barnesandnoble.com (BNBN)
was off 9/16 to 11-1/8. The online bookseller reported a fourth-quarter loss
of 27 cents a diluted share, in line with estimates.
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