Palm IPO Takes Attention From Net Stocks

Investors were spending Thursday watching shares of Palm Inc. soar 400 percent from its offering price, which was helping to nudge the Nasdaq Composite further into record territory.

At noon Eastern,’s Internet Stock Index was off 3.04, or .30 percent, to 1,004.84, the Nasdaq Composite had added 7.71 to 4,791.79 and the Dow Jones industrial average was up 22.95 to 10,160.88.

Palm Inc. (PALM) shares had jumped 71 to 109 after opening at 145. The company, which manufactures personal digital assistants, sold 23 million shares at $38, raising $874 million. The offering was almost impossible to land since only 4.1 percent of the company was sold. That’s the second-smallest percentage ever for a U.S. company. Goldman Sachs lead the offering.

Switchboard Inc. (SWBD) was also having a solid debut. The online directory had jumped 20 to 35. The company sold 5.5 million shares at $15. Robertson Stephens and J.P. Morgan were lead underwriters.

Spyglass Inc. (SPYG) had soared 19-7/16 to 86-7/16. The company Thursday licensed its browser technology to Sony Corp. for use in a new line of set-top boxes.

Doubleclick Inc. (DCLK) was up 1-3/4 to 82-5/16 despite news that it had received personal financial information from users of Intuit Inc.’s

Ask Jeeves Inc. (ASKJ) had fallen 1-3/16 to 76-9/16. The search engine Thursday signed a deal with France’s Alcatel who plans to use the technology to answer customer queries on its Web site. Inc. (MYPT) had gained 2-13/16 to 53. The company is expected to make a presentation Thursday at Robertson Stephens’ technology conference. Corp. (INTM) was up 4 to 43-5/8. The publisher of this Web site Thursday purchased privately-held

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