Online music company MP3.com Inc. opened its first trading day to plenty of fans, who sent the stock soaring more than 200 percent by midday.
After a slip in the market Tuesday, internet.com’s Internet Stock Index was up Wednesday 9.27 or 1.82 percent to 518.74. The Nasdaq Composite was up 8.11 to 2740.29 and the Dow Jones industrial average was down 16.78 at 10979.35.
The story of the day so far has been the impressive performance by downloadable music site MP3.com (MPPP). Investors have been buzzing about this stock since fellow music site Musicmaker.com (HITS) went IPO earlier in July.
At midday, MP3.com’s stock was up more than 210 percent from its $28 IPO price.It was trading at 76 midday after opening at 92. During morning trading the stock reached 105. Musicmaker.com stock also rose on the news, up 1/4 to 17 9/16.
While still in the midst of the earnings period, investors are anxiously awaiting news from both Amazon.com (AMZN) and America Online (AOL). Amazon is expected to announce a loss Wednesday of $.51 a share because of money spent to promote its Web site, invest in other companies and develop new products. Its stock was up 3 15/16 to 124 1/16.
America Online was up on its earnings anticipation. The company is expected to announce a profit of $.11 per share, but the so-called whisper number is rumored to be $.13 per share. Its stock rose 2 7/16 in midday trading to 115 5/8.
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