Tech Industry

Underwriters give Audible shares much-needed lift

Audible Inc. (Nasdaq: ADBL) surged up 2 1/16, or 23 percent, to 11 Thursday after a pair of underwriters started the stocks with a "buy" recommendation.

Volpe Brown Whelan & Co. and J.P. Morgan both initiated coverage with a "buy" recommendation, one month after its auspicious initial public offering.

Since jumping to a high of 25 after its July IPO, the stock has fallen on hard times. It fell to a low of 6 earlier this month.

Last year, Audible reported a loss of $8.1 million on sales of only $376,000.

In its first quarter ended March 31, Audible lost $1.47 million on sales of $315,000.

First Call consensus expects it to lose 31 cents a share in the second quarter and 92 cents a share in the fiscal year.

Audible provides premium spoken audio content that is delivered over the Internet and can be played back on personal computers and hand-held electronic devices.

CS First Boston served as lead underwriter of the 4 million-share offering on July 16.