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Stocks X / Xoom.com, Inc.
|Subject: news||Date: 12/1/1999 11:04 AM|
|Author: rolv||Number: 226 of 231|
FOCUS-NBC Internet company launched, stock drops
(Adds closing stock price)
By Steve James
NEW YORK, Nov 30 (Reuters) - The NBC television network on
Tuesday launched its first publicly traded Internet company,
NBC Internet Inc. , but Wall Street showed little
enthusiasm and the share price slid from the opening bell.
In its first day of trading on the Nasdaq exchange, the
NBCI stock closed at $76, down $12.50 from its initial offering
price of $88.50.
One analyst who specializes in initial public offerings, or
IPOs, said the decline may have been because the new company
had not been publicized much beforehand and investors didn't
really know what it was.
"Maybe it was seen as having no short-term future, and in
this business you either hit the ground running or a steam
roller is rolling over you," said David Menlow, of
IPOfinancial.com in Millburn, N.J.
NBC Internet was formed by combining the Snap.com Internet
portal, the community servic