Adam Mattessich is your boss? How come your firm only stands out in standing-up to the mania. I am beginning to think that you guys are going to end up on the target boards for dart throwing 'traders.' -g-
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Satyam ADRs soar after Internet portal buy
NEW YORK, Nov 29 (Reuters) - Satyam Infoway Ltd. (NASDAQ: SIFY) ADRs, or American Depositary Receipts, soared Monday on overnight news of its purchase of a 24.5 percent stake in an Indian Internet portal.
The recently-public Internet firm bought a stake in IndiaWorld Communications Pvt Ltd., which runs several Web sites, for $28 million.
Its ADRs were up 34-1/2 at 140 in late trading on the Nasdaq. The company debuted in the U.S. at $18 in mid-October.
"It's pretty unbelievable. I think it's lofty, but with the appetite for anything Internet-related, particularly emerging markets-related, all my theories of overinflation have blown away," said Adam Mattessich, vice president of international sales trading at Cantor Fitzgerald.
Internet Initiative of Japan Inc. (NASDAQ: IIJI), a Japanese Internet service provider which debuted in the U.S. in August, posted strong gains as well. The Internet service provider's ADRs were up 34-5/8 at 116. It went public at $23 per ADR in August.
Korea Thrunet Co. Ltd. (NASDAQ: KOREA), which came public earlier this month, gained 7-3/9 to 49-1/8 on the Nasdaq. Its initial public offering priced at $18.
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