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Technology Stocks : IDT *(idtc) following this new issue?* -- Ignore unavailable to you. Want to Upgrade?

To: zx who wrote (13353)	8/23/1999 4:30:00 PM
From: wl9839	Read Replies (4) \| Respond to of 30916

DJ Net2Phone Up 26% As Investors Await Quiet-Period End NEW YORK (Dow Jones)--Net2Phone Inc. (NTOP) shares rose more than 30% Monday as investors await the end of the company's quiet period Tuesday. The rise in Net2Phone shares lifted shares of IDT Corp. (IDTC), which owns a 57% stake in the Hackensack, N.J., Internet telephony company, said Mary Jennings, an IDT spokeswoman. She said the increase was "a possible correction." IDT continues to own about 27.3 million shares of its former unit. Based on the Net2Phone's current valuation of about $44, IDT shares are worth about 37 5/8, based solely on its Net2Phone holdings. However, IDT was recently trading at 20 15/16, up 2 1/8, or 11.3%, on Nasdaq volume of 2.2 million, which compares with average daily volume of 1.2 million shares. Meanwhile, Net2Phone shares were recently trading at 47 1/8, up 11 3/4, or 33.5%, on Nasdaq volume of 5.2 million shares, which compares with average daily turnover of 2.5 million. Earlier, Net2Phone traded as high as 50 5/8, a new high for the stock. Over the past two trading sessions, the stock has gained more than 60%. Net2Phone, which completed an initial public offering on July 29, is prohibited by Securities and Exchange Commissions rules from commenting on or promoting its shares. Once the quiet period ends, the company can announce news and comment on its stock activity. Also, analysts at the firms that underwrote Net2Phone's IPO also will be allowed to initiate coverage on the stock. The anticipation of the news from the company and the possibility of coverage of the stock by its underwriters Hambrecht & Quist Inc., BT Alex. Brown and Bear Stearns & Co. has been cited as the reason behind the stock's move by various sources. One industry analyst said it is normal for a stock to get a bump just before its quiet period ends, but the move in Net2Phone shares has been exceptional. The analyst expects there may be something larger behind the move. Net2Phone is known for its ability to build strategic relationships, said Thomas Morabito, an analyst who covers IDT for Scott & Stringfellow Inc. The analyst said he wouldn't be surprised if the company announced another bundling agreement with another product or service. However, he wasn't aware of any specific agreement. -Christina Cheddar; 201-938-5400