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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: whyretire who wrote (10640)	1/29/1999 5:48:00 PM
From: Mr. Big	Respond to of 90042

Interesting PAIR reading Getting busy after quiet week for IPOs Tut Systems, Entercom make big splash in debuts By Darren Chervitz, CBS MarketWatch Last Update: 5:03 PM ET Jan 29, 1999 Also: NewsWatch NEW YORK (CBS.MW) -- Even without a ".com" deal in sight, the IPO market had its busiest day of the year, with three of the six debutantes notching solid gains. IPO Commentary IPO: First Words Week's IPOs Pick of the Week Recent Filings Aftermarket ABCs of IPOs High-speed telecommunications provider Tut Systems (TUTS) was easily the hottest deal of the day, rising 219 percent above its higher-than-expected $18 offering price. The stock opened for trading at 49 5/8 -- the price at which most investors were first able to buy the stock -- and closed the day at 57 1/2 with more than 7.6 million shares changing hands. Radio broadcaster Entercom Communications (ETM) also had a solid first day of trading, rising 37 percent above a $22.50 offering price. "We're very excited about the action in the stock this morning," Entercom Chief Executive Joseph Field told CNBC in an interview Friday morning. Entercom priced 13.62 million shares at $22.50. That offering price was near the top end of a $21-to-$23 range, which had already been raised; original plans called for a 10.85 million-share deal at $18 to $21. Credit Suisse First Boston is heading the deal, the biggest of the day. Analysts said Friday was an important day for other non-Internet companies hoping to go public in the near future. "If some of these non-Internet deals get done and trade to a premium, that's sort of a green light for the IPO market, at least for the rest of the first quarter," said Ben Holmes, analyst at ipoPros, a Denver-based research firm. Holmes particularly liked Tut Systems, which develops digital subscriber line technology that makes it possible for existing copper phone wires to transmit data at much higher speeds than normal. At Home's recent purchase of Excite has Wall Street once again focusing on the bright prospects for broadband Internet access. Breaking News Street rides airlines' tails Getting busy after quiet week GDP surges 5.6% in fourth quarter Technology shares slip FiberCom poised to roll, says manager More top stories... CBS MarketWatch Columns Updated: 1/29/99 3:29:12 PM ET Covad run-up Covad Communications (COVD), which provides customers with DSL service using equipment from companies like Tut, has surged 178 percent since its initial public offering last week. "Speed is what it's all about right now," Holmes said. Tut has also developed a technology called Home Run, which allows households to link up their desktops and other computing equipment in a miniature version of a corporate intranet. Steven Tuen, research director at IPO Value Monitor, said Tut will do well in the short term, but he voiced concern about competition from Ascend (ASND), Pairgain (PAIR) and others.