Stock Watch: Persistence Pays Off

Most of the attention surrounding Friday’s initial public offering action surrounded Internet infrastracture company Juniper Networks (Nasdaq: JNPR), which priced its IPO at $34 — well above its original range — and then watched its stock closed at 98-7/8, a gain of nearly 200 percent. Despite all the noise that surrounded that IPO, there was still money to go around for e-commerce IPOs.

Shares of e-commerce software company Persistence Software (Nasdaq: PRSW), which also started trading on Friday, priced at $11 and closed up 2-13/16, a gain of more than 25 percent. The stock was actually as high as 17-1/2 before pulling back.

Persistence seems to have a solid customer base. AT&T, Boeing, Cisco, Federal Express, IBM, Instinet, JP Morgan, Lockheed Martin, Morgan Stanley, Nokia, Qualcomm and Xerox are among its customers.

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