Fifty-two years ago today, American flying legend
broke the sound barrier in his Bell X-1 rocket plane. But the anniversary of this gutsy accomplishment had little impact on today's initial public offerings, which, unlike Chuck, had plenty of trouble breaking barriers -- mainly their initial offering prices.
(NETR:Nasdaq) 3.2 million shares were priced at 11 a share by
Gerard Klauer & Mattison
. By the close of trading today, the new issues had fallen 1, or 9%, to 10. Similarly,
(RPCX:Nasdaq) better hope it can rise from the ashes of a bad first day. After its 4 million shares priced at 8, the company finished off 5/8, or 8%, to 7 3/8.
Other IPOs did better today, but none of them even approached Mach 1. Nonetheless,
went. It finished 2 1/16 above its offering price of 12, clocking in a 17% gain on the day, easily the most impressive Net offering.
, which priced at 12, finished up 1/2, or 4%, to 12 9/16.
Solid third-quarter earnings didn't prevent
from taking a beating. The company took a hit to the snack cake and a slap upside the noodle farm, falling 5 13/16, or 4%, to 129 3/8 after
U.S. Bancorp Piper Jaffray
downgraded the company to neutral from buy.
Did you hear the one about
? It went up 3, or 6%, to 52 3/4 after releasing third-quarter "earnings." Apparently, a third-quarter loss of $1.04 a share was "better" than a 4-analyst estimate of a $1.27 per-share loss.
announced that it has 1 million German subscribers on its AOL Germany service, becoming the first foreign AOL entity to accomplish that feat. Few people questioned how
could be on
Online. AOL rose 3 11/16, or 3%, to 114 3/4 on the news.
Don't mess with Texas, and don't bait
dropped 2 3/8, or 3%, to 70, after announcing that it would sue
over a copyright infringement.
Top of the heap: Web telephony
soared 9 15/16, or 15%, to 76. Internet service provider
jumped 6 5/8, or 11%, to 66 5/8. Networker
InterNAP Network Services
rose 4, or 6%, to 66 3/8.
Bottom of the barrel: E-commerce helpers did poorly.
plummeted 8 7/8, or 7%, to 127 1/2, while
tanked 6 3/4, or 4%, to 163 1/2. The market hung up on
, which fell 5 1/2, or 3%, to 212 1/2.