iTurfIPO soars,may mirror iVillage success
Anil:
Check this out,now if iTurf could mirror iVillage, particularly on the stock market, I wouldn't complain. I am sure you wouldn't either,well we shall see.
quote.yahoo.com
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Friday April 9, 2:54 pm Eastern Time
NEW YORK, April 9 (Reuters) - iTurf Inc. (Nasdaq:TURF - news), an Internet company focused on ''Generation Y'' users, rose 161 percent on the heels of soaring newcomer iVillage, analysts said.
Shares of iTurf, a company targeting 10- to 24-year-olds, jumped $34 to $56 after reaching a high of $66 during Friday afternoon trade.
The company had priced 4.2 million shares at $22 each on Thursday, after the market close, with the help of lead underwriter BT Alex. Brown.
Peony Kao, analyst at Renaissance Capital Corp., believes the company could mirror iVillage Inc.'s (Nasdaq:IVIL - news) success, a recently gone-public Internet site for women, whose shares were trading at $97.75 after its $24 a share IPO mid-March.
''Both sites target a specific segment, a community. There are 60 million people between the age of 10 to 24 who have a lot of money to spend,'' Kao said.
Extreme Networks Inc. (Nasdaq:EXTR - news), a company providing hardware to handle traffic on local area computer networks and computer software company USinternetworking Inc. (Nasdaq:USIX - news), also had their public debuts today, trading at almost identical share prices as iTurf.
USinternetworking shares jumped $31 to $52 and Extreme Networks shares rose $37 at $54.
But Kao believes the similar trading patterns are merely a coincidence.
''These companies do such different things, I think this is coincidence,'' Kao said. |
