Shares of online department store Value America (Nasdaq:VUSA) soared nearly 140 percent on their first day of trading on Thursday. The stock closed up up 32 3/16 to 55-3/16 after climbing as high as 74-1/4.
Value America looks like one of the more solid online retailers that could actually be a one-stop shop for consumers. The Web site focuses on computers, electronics and appliances but also sells numerous items including apparel, jewelry and toys. The site also includes a pharmacy.
The company should benefit from having Microsoft co-founder Paul Allen as an investor. Allen has also recently invested in the Go2Net Network, which could turn into the next massive portal site.