Stock Watch: Wit Capital Roars

Online investment bank Wit Capital’s (Nasdaq: WITC) quiet period ends today, but the stock was already roaring a day earlier. Shares of Wit Capital continued their remarkable run on Monday, gaining 8-1/2 to 27-1/16. That’s a rise of nearly 46 percent.

There’s a lot of excitement surrounding this stock, and the buzz increased when the initial public offering of Juniper Networks (Nasdaq: JNPR) priced at $34 and then rocketed to close at 98-7/8 on Friday. Wit Capital received 48,000 shares of that IPO to distribute to its customers, which means more than a handful of lucky investors got nearly a 200 percent one-day return.

The interest in this stock is only going to grow as Wit Capital offers shares of more high-profile IPOs to its customers. Network-based communications provider Network Plus and leading Internet incubator CMGI’s Internet marketing company Engage Technologies are among the upcoming IPOs that Wit Capital customers will have a chance to participate in.

Shares of Wit Capital continued to climb in early trading today, gaining 2-1/16 to 29-1/18 after Bear Stearns and Thomas Weisel — both firms that underwrote Wit Capital’s IPO — started coverage of the online investment bank with a buy rating.

Leave a Comment

Please sign in to post or reply to a comment. New users create a free account.

E-Commerce Times Channels