Stock Watch: Looksmart Looks Stronger

Recently public portal site Looksmart (Nasdaq: LOOK) is starting to look like a pretty hot company. Shares of Looksmart climbed 5-1/16 to 25-1/16 on Friday, a gain of more than 25 percent. Looksmart stock was carried by the news that Media Life Magazine ranked the site 13th on its Media Life Sticky Index. This puts Looksmart just behind Snap and ahead of AltaVista.

Just one week earlier, there was concern that Looksmart’s initial public offering would have a flat opening. The IPO priced at $12 after Looksmart cut its offering size to 7.7 million shares. The company originally planned on offering of 12 million shares, but that was cut to nine million before being reduced again. Looksmart’s first-day performance eased some of the anxiety. The stock closed its first day of trading up 5-5/16 to 17-5/16, a gain of 44 percent. The very strong underwriting team of Goldman Sachs, BancBoston Robertson Stephens and Hambrecht & Quist have to be feeling pretty good about how this one has turned out.

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