Live: Amazon Event Wednesday Probe Crashes Into Asteroid Prime Day 2: Oct. 11-12 Tesla AI Day Hurricane Ian Satellite Images Save on iPad Pro Refurbs Apple Watch Ultra Review EarthLink Internet Review
Want CNET to notify you of price drops and the latest stories?
No, thank you
Accept

MIDDAY MARKETS: Techs rise despite jobs data

Techs shrugged off stronger-than expected jobs data at midday Friday, and a batch of IPOs were revving up on deck. The Nasdaq rose 54.94 to 4,265.92 and the Dow Jones industrial average gained 16.14 to 11,029.58.

The Inter@ctive Week @Net Index gained 2 to 581.86.

Despite government data showing very strong job growth last month, the markets were moving up at midday.

The January U.S. payroll report showed a 387,000 increase in non-farm payrolls against an expected rise of 255,000, according to a Reuters poll of economists. The unemployment rate for last month came in at 4.0 percent compared to a 4.0 percent prediction.

A host of IPOs were ready to soar on the upswing. Avanex (Nasdaq: AVNX), which makes processors for optical networks, is likely to be among the hottest initial public offerings of the day.

EMerge Interactive (Nasdaq: EMRG)priced its 8 million share offering at $15 a share.

FirePond (Nasdaq: FIRE) priced its initial public offering of 5 million shares at $22 each Friday, a full 83 percent higher than initial estimates.

eOn Communications Corp. (Nasdaq: EONC) was set to offer 3 million shares at $12 each, the top of its $10 to $12 range.

Dobson Communications (Nasdaq: DCEL) had already opened, rising 2 1/2 to 24 1/2 after it priced its 25 million shares at $22, the top of its $20-22 range, for what is to be Friday's largest offering in terms of shares.

Radiant Systems Inc. (Nasdaq: RADS) raced up 12 1/8 to 56 1/2, or 27 percent after analysts praised its fourth-quarter report.

Viant Corp. (Nasdaq: VIAN) blasted ahead 11 3/16 to 111 3/16 after it creamed estimates in its recent quarterly report.

Investors bit a chunk off Red Hat (Nasdaq: RHAT) sending shares down 3 13/16 to 94 13/16 after it announced a secondary stock offering Friday.

Microsoft (Nasdaq: MSFT) rose 2 1/2 to 106 1/8.

Amazon.com Inc. (Nasdaq: AMZN) lost 2 9/16 to 81 5/8, Yahoo! (Nasdaq: YHOO) rose 5 15/16 to 366 3/16 and America Online Inc. (NYSE: AOL) lost 1 3/8 to 58 1/2.

Dell Computer Corp. (Nasdaq: DELL) rose 1/8 to 38 5/8, Compaq Computer Corp. (NYSE: CPQ) shed 1/16 to 27 15/16 and IBM Corp. (NYSE: IBM) lost 1 1/8 to 116.