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Technology Stocks : Net2Phone Inc-(NTOP) -- Ignore unavailable to you. Want to Upgrade?

To: johnny grosso who wrote (99)	7/30/1999 9:29:00 AM
From: Gutterball	Respond to of 1556

Net2Phone jumps after IPO, bucking broad market (rewrites lede, adds paragraph 2,3, adds closing prices and adds other IPOs paragraphs 9-13) NEW YORK, July 29 (Reuters) - While U.S. stocks slid on inflation fears, shares of Web telephony provider Net2Phone Inc. (Nasdaq:NTOP - news) went against the tide and rose 77 percent Thursday, following its $15 a share initial public offering. Net2Phone's gains in the face of a 181-point decline in the Dow Jones Industrial Average reflected the continued appetite for Internet and technology new issues. Financial markets were rattled by U.S. data that suggested the Federal Reserve could pull the trigger on interest rates again as U.S. wage costs rose at the fastest pace since 1991. Hackensack, N.J.-based Net2Phone, which enables users to make low-cost telephone calls via the Internet, closed up $11.56 at $26.56 on Nasdaq, with 18.7 million shares trading hands. Managed by lead underwriter Hambrecht & Quist, Net2Phone priced above its increased, expected price range of $12 to $14. The size of the offering was raised to 5.4 million from 5.1 million. Analysts said the company was the leader in Web telephony and had the potential to change the landscape of how people make telephone calls. ''Internet telephony is one of the hot industry sectors. It's a high demand area. We're sitting with a market share leader, albeit it's a small industry right now,'' said Irv DeGraw, research director at WorldFinanceNet.com. Net2Phone is a unit of IDT Corp. (Nasdaq:IDTC), which will own about 57 percent of the company's outstanding stock. The firm's software will be embedded exclusively into new versions of the browser of America Online Inc.'s (NYSE:AOL) Netscape Communications Corp., giving it exposure, analysts noted.