After fluctuating throughout the day, Internet stocks recovered following the strong IPO of a music download company.
internet.com’s Internet Stock Index rose back up to positive territory, up 0.59 to 569.72 after slipping down 4.02 at midday to 565.11, the Nasdaq Composite went up 21.05 to 2792.91 to reach a record and the Dow Jones industrial average rose 66.81 to 11193.7.
Liquid Audio (LQID) was the big news of the day. The digital download company raised its offering price to $15, shot up to $48 on trading, and mellowed out towards the end of the day at 36 9/16.
The company offers downloads with copyright protection, and is supported by various music industry heavyweights and boasts Intel as an 18 percent stakeholder.
The Liquid Audio IPO may be a hint of what’s to come with MP3.com’s upcoming offering, and between the two could pave the way for other offerings hoping to ride on the download wave.
CDNOW (CDNW) stock, which rolled out its own downloadable music service today, rose slightly on the news.
Despite the good earnings report, Yahoo! (YHOO) continued to fall, sliding down 4. After a battering of bad news on the domain registration testbed front, Network Solutions (NSOL) also ended the week down 2 3/4.
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