BROWSER MADNESS

CRAZY FOR INTERNET COMPANIES, WALL STREET INVESTORS DROVE NETSCAPE STOCK TO THE SKY. BUT WILL THE BUBBLE BURST?

It was such a seller's market that the sellers wouldn't sell, not just yet. Trading of 5 million shares in the long-awaited initial public offering of the upstart Netscape Communications Corp. was supposed to begin last Wednesday at 9:30 a.m., when the NASDAQ whistle blew. But here it was 90 minutes later, and the institutions and portfolio managers who had received huge blocks of shares still hadn't sold any of their stock. Investors were bidding up the price so fast that the ground floor had yet to be set. What the investment banks had valued a few weeks ago at a...

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