In a sign that Wall Street demand for Internet stock offerings may still be tepid, online ad network Fastclick launched its initial public offering on Friday and closed the day with shares trading at
exactly the price offered: $12 a share. The day's trading, which involved 9.2 million shares and saw prices climb as high as $15 a share before settling back down, establishes a market capitalization
of $232.6 million. At that, Fastclick's shares traded at 51 times earnings, about twice the current earnings multiple of publicly traded rival ValueClick. -- J.M.
