CNET: The Computer Network
went public today, closing at $19 on its first day on the Nasdaq stock market.
The stock opened at $19.25 per share, although the company had priced the stock at $16 per share. Nearly 3 million CNET shares were traded on its inaugural day, which saw the stock hit a high of 21-1/4. The underwriters for CNET, which is trading under the symbol CNWK, are led by Morgan Stanley.
CNET produces television shows and Web sites to deliver information about computers, multimedia, online services, and the ongoing digital revolution. Its roster of Web sites includes CNET.COM, SHAREWARE.COM, and SEARCH.COM.
CNET also produces CNET Central, a weekly half-hour television show that now
airs on the
USA Network and the Sci-Fi cable channels. The company will add two new television programs, The Web and The New Edge, on the Sci-Fi Channel this summer.