Parties Like a Rock Star

Online music company 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,’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 (MPPP). Investors have been buzzing about this stock since fellow music site (HITS) went IPO earlier in July.

At midday,’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. 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 (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.

ALL NEW!’s HotWatch a monthly e-mail subscription for $99,
featuring Internet Stock Report’s Steve Harmon, and his top 10 noteworthy
Internet stocks for the month. Each month you will receive in-depth
analysis on the top 10 Internet stocks to watch with the information you need to assess
the fast-paced nature of Internet stocks. Staying on top of market changes in the
Internet Stock market is what counts. For $99 per year, you receive 12 timely
issues sent to you by e-mail. Don’t wait, our next issue will be out before
you know it with a whole new perspective on the market.
Sign up today at: e-newsletters

News Around the Web