IPOs Take Center Stage Amid Market Haircut

The entire market gets a slight haircut as just 5 of the 50 stocks in ISDEX end the day up. Overall the leading Internet Stock Index ends down 5% at 511.79. Some of the zeal may be waiting for the slew of Internet IPOs at the starting gate, among them is the latest ‘webutante,’ Autoweb (NASDAQ:AWEB), which prices at $14, opens at $21.6250, shoots to $41 in afternoon trading, and closes at $40, up 185% from IPO price. Today’s snapshot:



























 

23-Mar-99

point change

% change

ISDEX

511.79

-30.25

-5.58%

NASDAQ

2,322.84

-73.10

-3.05%

DJIA

9,671.83

-218.68

-2.21%

  • Autobytel ups the share price rang for its pending IPO based on the success of Autoweb’s offer. Autobytel bumps the price to $20 to $22, from $16 to $18. 4.5 million shares offered through BT Alex.Brown expected to start trading tomorrow.
  • CNET (NASDAQ:CNWT) acquires KillerAp, a shopping search engine, for $46.6 million stock. The buy adds to CNET’s previous acquisitions aimed at beefing up its commerce services including an auction and shopping site.
  • Privately-held search service Ask Jeeves, which allows for natural language search, raises $25 million in venture funding from Highland Capital Partners, IVP and individual investors.
  • Network Solutions (NASDAQ:NSOL) updates its Web site but reports I hear are that paying for your domain using its site has been unavailable for several days now, you must telephone in. Seems to me the most important part of updating a Web site is making sure you can take credit cards on your Web site–especially if that’s how you generate revenue.

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