Friday was another tough day for the Internet sector, with the sellers greatly outnumbering the buyers, but Wall Street still ate up a hot initial public offering.
Online insurance shopping resource InsWeb (Nasdaq: INSW) offered five million shares of stock and priced its IPO at $17, after an original range of $11-$13 for four million shares. The stock closed up 14-9/16 to 31-9/16 on Friday, a gain of nearly 86 percent. The stock traded as high as 44 before pulling back.
The performance was better than some analysts had expected, but the luster surrounding many Internet IPOs is still very much intact, even though most Internet stocks had a brutal week. What will be interesting now is whether InsWeb approaches the $44 level anytime soon, or investors start taking their money off the table and moving on to the next big IPO.