Goldman Makes a Smashing Debut but Most Other Stocks Falter
Goldman Sachs
(GS) - Get Report
was soaring in its trading debut, while the market's major gauges were mostly weaker at midmorning.
Goldman was up 22 1/4, or 42%, to 75 1/4. Its IPO was priced yesterday at $53 a share. It was second-most active on the
New York Stock Exchange
, with 10 million shares changing hands.
Meanwhile, Internet stocks were showing signs of life after having taken a beating lately, while in the bond market, the Treasury market was down.
The 30-year Treasury bond was down 30/32 to 93 7/32, yielding 5.73%. The long bond's weakness of late has caused some alarm among some stock-market watchers.
TheStreet.com Internet Sector
index was up 15 to 648.
CMGI
(CMGI)
was soaring, up 19 11/16, or 8%, to 255.
The
Dow Jones Industrial Average
was down 38 to 10,977.
American Express
(AXP) - Get Report
was the biggest drag on the Dow, off 3 3/16 to 130 3/16.
Elsewhere, the
S&P 500
was down 9 to 1346.
The
Nasdaq Composite Index
was down 1 to 2534. The
Russell 2000
was up 2 to 436.
On the
New York Stock Exchange
, advancers were beating decliners 1,400 to 1,172 on 279 million shares. On the Nasdaq, winners were beating losers 1,590 to 1,568 on 254 million shares.
On the NYSE, 79 issues had set new 52-week highs while 7 had touched new lows. On the Nasdaq, 43 issues had set new highs while new lows totaled 20.
On the Big Board,
Key Energy Services
(KEG) - Get Report
was most active, with 11 million shares changing hands. It was up 1/8 to 3 5/16.
On the Nasdaq,
Microsoft
(MSFT) - Get Report
was most active, with 9 million shares changing hands. It was up 3/16 to 80 3/16.
10:03 a.m.: Stocks Mostly Up After Monday's Record-High Close
The major market averages were mostly higher early on, a day after the
Dow Jones Industrial Average
closed above 11,000 for the first time ever
yesterday.
Meanwhile,
Goldman Sachs
(NYSE:GS) will begin trading today on the
New York Stock Exchange
. Shares of the investment bank were indicated at $70 to $80.Goldman's IPO was priced yesterday near the top of its range at $53 a share. An additional 9 million shares were added to the 60 million-share deal when Goldman exercised its overallotment option, bringing total proceeds to $3.7 billion.
TheStreet.com
wrote about the IPO in a story
last night.
The Dow was up 13 to 11,028. The
S&P 500
was down 1 to 1353. The
Nasdaq Composite Index
was up 3 to 2538. The
Russell 2000
was up 2 to 435.
TheStreet.com Internet Sector
index was up 7 to 640.
The 30-year Treasury bond was down 8/32 to 93 29/32, yielding 5.68%.
Most Up at Open -- NYSE
Gatx (GMT) , up 1 7/8 to 37 3/16
.
Most Up at Open -- Nasdaq
Wang Global (WANG) , up 3 5/16 to 10 1/16
:
Getronics
, a Dutch information technology company, is buying Wang in a deal worth about $2 billion. Getronics will buy all 46 million outstanding Wang shares for $29.25 each, a 15% premium over Wang's closing price yesterday.
Most Down at Open -- NYSE
Ameritech (AIT) - Get Report, down 1 15/16 to 65
.
Most Down at Open -- Nasdaq
Wall Data (WALL) , down 5 3/16 to 10 1/16
: The company yesterday warned it will report a fourth-quarter net loss due to its restructuring into two separate companies. The single-analyst estimate called for operating earnings of 25 cents a share vs. the year-ago profit of 7 cents. The company also said it hired an investment bank to explore the possibility of selling its
Rumba
Internet-hosting business or spinning off its
Cyberprise
enterprise information business.
