Internet IPOs Benefit From Jubilant Marketplace

TheStreet.com Internet Sector index was up more than 19 points, and Webvan, Cobalt and Wireless Facilities were all moving up on their debut.
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Talk about your slam dunks.

Michael Jordan

never even had it this easy.

With Internet indices at record highs, a couple of Internet IPOs were debuting today. And the jubilancy in the marketplace was being reflected in the newcomers' performance.

It was also definitely reflected in

TheStreet.com Internet Sector

index, which lately was up 19.38, or 2.4%, at 816.19.

Webvan

(WBVN)

was up 11 3/4, or 78%, at 26 3/4. Though it was not registering some of the triple-digit gains that have characterized many of the recent hot IPOs, remember that Webvan was offering 25 million shares, much more than some other recent IPOs that offered less than 10 million.

Webvan delayed its IPO last month after a

column by

TSC's

Adam Lashinsky

reported statements that the company made during its roadshow that it had not disclosed in public filings. But some say that any publicity is good publicity, and it doesn't appear that Webvan was being punished for its past actions.

Unlike Webvan,

Cobalt Networks

(COBT)

had a relatively small offering at 5 million shares. Cobalt, which makes network appliances used for a variety of server tasks such as e-commerce and email, was up 108 1/2, or 494%, at 130 1/2.

Also,

Wireless Facilities

(WFII:Nasdaq), which was offering 4 million shares, was up 45, or 300%, at 60. The company designs wireless networks.

The other success story of the day was

Phone.com

(PHCM)

, a member of the

Red Hots. It was up 43 7/8, or 20%, at 226 7/8. No particular news about the company was out, and the stock may just be seeing a major short squeeze. Phone.com announced a 2-for-1 stock split on Oct. 18, payable Nov. 12.

And no offense to James Marks, the new online brokerage analyst at

Credit Suisse First Boston

, but what's going on with

National Discount Brokerage

(NDB)

is a bit of a joke. The stock was up 6 5/8, or 22.8%, at 35 5/8 after Marks initiated coverage of the stock with a strong buy rating. But as

TSC

noted in an earlier

piece, it's the same rating Marks put on the stock back in June, when he was an analyst at

Deutsche Banc Alex. Brown

.