SAN FRANCISCO -- Investors Purchasing Obstinately. It won't replace Initial Public Offering as the wording for IPO, but it's a pretty good description for how investors are infatuated with new offerings, particularly from the Internet sector.
The latest example of the love affair is
. Stock in the online financial research distributor closed at 33 5/8, more than doubling from 14, where it was priced on Tuesday. But note that the stock did close below its opening price of 35 and far below the session high of 38 5/8.
Tuesday's IPO in the spotlight,
gave back some of yesterday's gains. Flashnet matched Monday's high of 46 early, but was unable to top it and closed 23 1/2 lower, or 8%, at 40 1/8.
Next up is
, an Internet site targeted to women, which is expected to be priced tonight. Range for the IPO was raised to between 22 and 24 from the 12 to 14 range originally anticipated, suggesting strong interest for the company. The ticker symbol will be IVIL.
Among the day's tech winners were a couple of stocks that will be splitting in the near future.
, which splits on March 23, closed 16 1/4 points higher, or 6%, at 278 1/4. Note that the stock was trading at 127 on Feb. 18. Also,
, which is splitting 2-for-1 for shareholders of record April 2, closed 15 5/16 or 12% higher at 145 13/16.