Strong Internet Rally Helps Most of Day’s IPOs

Stocks rallied across the board Friday on the heels of positive economic data, helping two of the day’s three Internet IPOs go out with a bang.’s Internet Stock Index rose 9.08, or 1.58 percent, to 585.47, the Nasdaq Composite jumped 25.87 to 2,886.51 and the Dow Jones industrial average rocketed 112.71 to 10,649.76

Two highly-anticipated Internet IPOs had a solid debut. Market research firm Jupiter Communications Inc. (JTPR) soared 14-1/2 to 35-1/2 on its opening day of trading. The company raised $65.6 million after selling 3.125 million shares at $21 each.

E-Stamp Corp. (ESTM) rocketed 5-3/8 to 22-3/8 following its debut. The online postage provider sold 7 million shares at $17.

One IPO that didn’t receive such a warm reception was Inc. (VSHP) which lost 1-1/4 to 9-3/4 after rising to 11-3/4 earlier in the day. The company sold 4.5 million shares at $11 each, raising about $50 million.

Elsewhere in the sector, 24/7 Media Inc. (TFSM) rose 6-7/8 to 47-3/8 on reports Doubleclick (DCLK) was considering a $1.5 billion buyout of 24/7. Doubleclick shares rose 4-3/4 to 136-5/8. Corp. (AMZN) rose 1-15/16 to 89-1/4. The company Friday introduced a new gift registry system.

The rest of the sector’s leaders were higher with Inktomi Corp. (INKT) up 7-1/8 to 129-7/8, Net2Phone (NTOP) climbing 3-9/16 to 57-1/4 and Ariba Inc. (ARBA) jumping 10-1/2 to 177. Inc. (PCLN) climbed 1-1/4 to 73-3/4 after the “name-your-price” provider of airline tickets, hotel rooms and mortgages was rated a “strong buy” by Morgan Stanley’s Henry McVey who initiated coverage Friday. Inc. (MDCM) closed up 1/8 to 11-1/4 after announcing its third-quarter revenues would be slightly more than $12 million, up 25 to 28 percent from last year.

Also in the e-finance sector, Charles Schwab Corp. (SCH) lost 2-3/16 to 33-9/16 after McVey downgraded the stock to a “neutral” from “outperform.”

Introducing Internet StockTracker, the new weekly e-mail newsletter from Corp. Every Friday will deliver to your e-mail
in-box the latest performance data on individual Internet companies and
their competitors. Internet StockTracker will deliver to you all the
statistics you need to assess the week’s activity.
Subscribe today and receive the Charter Rate of $157 — a savings of
$70 off the regular subscription price!

News Around the Web