Schwab Restricts IPO Trades

Shares of Charles Schwab rose Friday after the company restricted trades on hot new Internet IPOs via its online brokerage unit.

Schwab announced on its Web site that its online members may not place trades over the Internet for Infinity Broadcasting (INF) and the Web stocks Internet America (GEEK), AboveNet Communications (ABOV) and next week's debut of Infospace.com.

The move by the San Francisco-based discount brokerage appeared to have a mixed impact on the affected shares.

Internet America slipped 1/4 to 14 5/8. AboveNet fell 3 to 13 3/4, and Infinity rose 1/8 to 23 3/16.

Shares of Schwab (SCH) gained 2 to 58 5/16.

"These securities have been removed from electronic trading due to expected volatility and fast market conditions," Schwab said in a notice posted on its Web site.

Written By Steve Gelsi