Just when you thought there might not be real money to be made on the internet, a group of pioneers of successful corporate websites shared their internet success stories and strategies with 100 Seattle-area executives Wednesday at a symposium hosted by a local law firm and Futureworks, a Washington DC-based marketing communications firm. The half-day session featured a panel discussion which included representatives from Eddie Bauer, Microsoft Expedia and Amazon.com. But the biggest winner present appeared to be The Boeing Co, which says that approximately 25% of its spare parts business is conducted on the Internet. It claims to be serving a growing number of airlines and boasts internet sales that currently average a $500,000 a day, and have reached up to $1m on some days. If spare parts for airplanes seems an odd offering on the web, how about Peapod Inc, the Evanston, Illinois company that bills itself as the leading interactive online grocery shopping and delivery company. Peapod is so confident about the online grocery market that it launched an IPO this week of 4 million shares at a hefty $16 a piece, raising $64m. The size and price range of the offering were increased on the eve of the IPO from 3.6 million shares at $13 to $15. Others apparently believe in Peapod’s mission, as the shares jumped as high as $18.50 on the first day of trading.
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