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Broadcast.com goes ballistic
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July 17, 1998: 1:31 p.m. ET
Shares of Internet media firm explode, opening at 68 after pricing at 18
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NEW YORK (CNNfn) - Shares in Internet media company Broadcast.com blasted 277 percent higher Friday, its first day of public trading.
After pricing at 18, the stock (BCST) opened at 68, trading in a wide range throughout the morning and touching an intraday high of 74. By mid-session, shares were at 59-5/8.
Volume was extraordinarily high, with 4.19 million shares traded by mid-session. The company had gone public with a sale of 2.50 million shares.
High anticipated demand for Internet-related issues had caused the deal's lead underwriter, Morgan Stanley Dean Witter, to raise its estimated price range on the offering to $14-$16 from $11-$13 on Wednesday.
Broadcast.com, formerly called AudioNet, is a "push" technology company that delivers radio, television and other media programming to an estimated 400,000 Internet users daily.
The Internet sector has been extremely volatile in recent weeks after a series of stock split announcements from headline companies like Yahoo! (YHOO), Earthlink (ELNK), Lycos (LCOS) and Mindspring (MSPG). 
-- from staff and wire reports
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