Two Mondays ago, shares of online investment bank Wit Capital (Nasdaq: WITC) rocketed 8-1/2 to 27-1/16, one trading session after the initial public offering of Juniper Networks (Nasdaq: JNPR) went through the roof. The success of Juniper’s IPO help propel Wit Capital stock because the online investment bank had helped distribute shares of the offering.
The story was much the same this Monday, when Wit Capital climbed 2-5/8 to 34-7/8. One trading session earlier, the IPO of Liquid Audio (Nasdaq: LQID) was making its mark on Wall Street. Wit Capital had 60,000 shares of the Liquid Audio IPO to distribute to customers.
The message seems rather clear. If the Internet IPO market stays hot, Wit Capital is going to stay hot.