The quiet period surrounding Net2Phone (Nasdaq: NTOP)’s initial public offering didn’t end until today, but the company’s stock was already making plenty of noise on Monday. Shares of Net2Phone, which offers services that allow customers to make telephone calls over the Internet, rocketed nearly 33 percent, gaining 11-5/8 to an all-time closing high of 47-1/8, on Monday.
Some investors were anticipating some good news from the company and some favorable coverage from the underwriters of Net2Phone’s IPO. Today, Net2Phone announced that it had signed up Compaq as a distribution partner.
The stock of Net2Phone’s parent company, telecommunications company IDT Corp. (Nasdaq: IDTC) also had a standout trading session on Monday. Shares of IDT climbed 3-5/16 to 22-1/8 on Monday, a gain of nearly 18 percent.