The stock prices of Internet firms launching Initial Public Offerings (IPOs) continue to rocket sky high as two Web companies watched their share value soar on their first day of trading on Friday.
Net Perceptions, a developer of Web personalisation software, ended the day at $29-13/16, more than twice the IPO price of $14. Net Perceptions? software helps ecommerce sites deliver tailored information to their customers based on their interests. The technology is being used on such sites as CDNow and Ticketmaster Online.
Launch Media, an online music magazine, didn?t do quite as well but still managed a more than respectable 29 per cent rise over its $22 IPO price. At one point during the day, the stock traded over $36.
Both companies had raised their initial IPO prices, but the market?s insatiable demand for Internet stocks drove them up even further.
Other Internet stocks also rose on strong demand, erasing the effects of Monday?s slump. Amazon and Excite were both up about 10 per cent on Friday. Amazon closed the week at a record $210-1/8, growing its market capitalisation to over $30 billion.
To comment on this story, email [email protected]
Latest Tesla news: Tesla stock price tanks amid reports of 'widening probe' by SEC and claims the base Model 3 loses money
SEC 'probe' takes its toll on Tesla as new research suggests that Tesla loses $6,000 on every $35,000 Model 3
10nm Cannon Lake Core i3-8121U CPUs make a rare outing with Intel's NUC mini PC
'Notorious' Australian child hacker thought he had executed 'flawless' hack
The former employee says that Tesla fired him for bringing the accusations to management internally