The initial public offering of online financial information site Hoover’s (Nasdaq: HOOV) got off to a strong start Wednesday, climbing eight points to close at 22, a gain of more than 57 percent. Hoover’s stock actually traded as high as $33 before pulling back.
Hoover’s, which sells financial data and offers company profiles, is a crowded business, and some analysts wonder whether the company can sustain its growth while other sites like FreeEdgar.com offer similar information for free. Hoover’s, however, almost turned a profit in its last quarter, which means it is way ahead of most Internet companies.
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