While many Internet stocks fell on Tuesday, shares of online investment bank Wit Capital (Nasdaq: WITC) climbed more than 8 percent, gaining 1 to 13-1/4. Investors seem to be eagerly awaiting Wit Capital’s quiet period ending next week.
Wit Capital went public at $9 on June 4, and the stock closed its first day of trading at $14-5/8. The stock retreated soon after that, as the Internet sector floundered, but it appears to be back in favor now. One reason is that this is an extremely busy week for Internet IPOs, and Wit Capital is distributing shares of a few high-profile ones, including Juniper and TD Waterhouse.