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Traders sing MP3's praises
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July 21, 1999: 1:39 p.m. ET
Online music firm makes smashing debut, nearly quadruples in value
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NEW YORK (CNNfn) - Online music provider MP3.com roared onto Wall Street Wednesday boasting gains of nearly 400 percent as Nasdaq traders welcomed four new market listings to their ranks.
MP3.com (MPPP) opened trading at $92 per share, more than triple its initial offering price of $28 per share. The company's stock climbed as high as 105 before settling in at 73-1/2 in early afternoon trading.
The Internet music company, which offers a Web site where consumers can listen to and download more than 100,000 songs from more than 18,000 artists, had raised its target price twice during the past month, including pushing the range to $24 to $26 per share just yesterday.
The company priced its offering above that range at $28 per share Tuesday night.
Joining MP3.com among the ranks of new Nasdaq listings Wednesday was Hoover's Inc., which provides corporate financial data and analysis online.
Hoover's (HOOV) priced its 3.25 million shares at $14 each -- at the top of its expected range -- Tuesday night, opened trading at 24 and climbed as high as 33. The stock was up 12-15/16 to 26-15/16 in early afternoon trading.
Internet service provider Voyager.net Inc. (VOYN) opened trading at 19-1/2, 4-1/2 above it's initial offering price of $15 per share, where it priced 9 million shares late Tuesday. The company's stock climbed as high as 20-1/2 before falling to 17, up 2, in early afternoon trading.
Finally, Insight Communications Co. (ICCI), a cable TV operator that priced 23 million shares at $24.50 each Tuesday, opened trading at 25-1/4. The stock climbed as high as 31-1/4 before slipping to 30-3/8, up 5-7/8. 
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