|
Xoom.com stock zooms
|
 |
December 9, 1998: 2:58 p.m. ET
Net direct marketer's shares surge after public offering at $14 each
|
NEW YORK (CNNfn) - Shares of Internet direct marketer Xoom.com zoomed Wednesday following its $14 per share initial public offering.
San Francisco-based Xoom.com (XMCM) saw its stock surge as much as 207 percent. By early afternoon, Xoom.com was up about 142 percent, or 19-7/8, at 33-7/8.
Analysts said the surge was impressive, but it didn't match other recent Internet issues.
"In light of the globe.com Inc.'s or Earthweb, it is not as spectacular, but it's still huge," said Ben Holmes, an analyst at ipoPros in Boulder, Colo. "This is an incredible reception for an Internet stock considering it had no earnings."
Xoom.com was the second-fastest-growing site on the Web as measured by online reach in the first half of this year and the 12th-most- trafficked site in October, according to Media Metrix.
The company joins a herd of Internet IPOs that have stampeded through Wall Street. Four of this week's nine public offerings are Internet deals.
-- from staff and wire reports.
|
|
|
|
|
|
Xoom
IPO.com
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
