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Tech sector soars
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October 29, 1999: 4:55 p.m. ET
Chips, Internet firms lead end-of-week rally; Akamai IPO up 400%
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NEW YORK (CNNfn) - The tech market on Friday came roaring back for a second day in a row, led by chip and Internet concerns, including a dazzling IPO by Internet newcomer Akamai.
Akamai Technologies, Inc. (AKAM) an Internet networking company developed by MIT scientists, offered 9.0 million shares at $26 per share. By mid-afternoon the stock jumped more than 400 percent, trading up $137 at 163 on Nasdaq. Initially the company had planned to offer shares in the $16-$18 range, hoping to raise $108 million. Shares of Akamai closed at 145-3/16.
Akamai has inked deals with tech heavyhitters Cisco (CSCO) and Microsoft (MSFT), and is viewed as a competitor to Sandpiper Networks, recently acquired by Digital Island in a $630 million stock swap.
Also on the Web front, Go2Net (GNET) soared 11-1/4 to 70-3/8, on news it would offer Net2Phone's (NTOP) software on its portal, allowing users to make Internet phone calls at discount rates. Net2Phone closed up1-3/4 to 54-1/4.
The chip sector was lead by Broadcom (BRCM) , which closed up 8-9/16 to 127-13/16. Intel (INTC) was also traded heavily, closing up 5-1/4 at 77-7/16. The chip maker said Friday it had no concerns about Y2K and that recent weather setbacks in Taiwan did not affect its business. Another chip builder, PMC-SIERRA Inc. (PMCS) also rose sharply, closing up 7-1/4 at 94-1/4. 
(from staff and wire reports)
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