Profit takers shave the ISDEX as the Internet Stock Index loses 1.95% to 543.54 as the Dow and NASDAQ also drop a few points. Taking center stage is Priceline.com’s IPO which rocketed out of the gate, prices 10 million shares at $16, opens at $85 and closes up 331% at $69. Investors bid PCLN up to more than $10 billion market value, which I deem ahead of its prospects based on the low-end nature of what it sells, spec seating on planes and spec beds at hotels. The product flow needs to aim for more dependable buying and selling in my view, better quality and assuredness. Today’s snapshot:
30-Mar-99 |
point change |
% change |
|
ISDEX |
543.54 |
-10.79 |
-1.95% |
NASDAQ |
2,480.29 |
-12.55 |
-0.50% |
DJIA |
9,913.26 |
-93.52 |
-0.93% |