Today's Net IPOs Can't Gather Speed

Two of today's initial public offerings closed below their print prices, and others didn't show much strength.
Publish date:

Fifty-two years ago today, American flying legend

Chuck Yeager

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

Redback Networks


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

(BOUT) - Get Report

? 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.

America Online


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

Bill Gates



dropped 2 3/8, or 3%, to 70, after announcing that it would sue


(MSFT) - Get Report

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

(INAP) - Get Report

rose 4, or 6%, to 66 3/8.

Bottom of the barrel: E-commerce helpers did poorly.

Commerce One


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.