Internet IPOs Keep On Coming
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If the Internet stocks roller-coaster ride that began April 14 is scaring companies away from what is being portrayed as an overcrowded IPO market, I'm seeing little evidence of it.
Sure, eToys announcement that it was delaying its any-day-now public offering of 8.2 million shares at $10-$12 each came on Tuesday, just one day after "Black Monday."
The online retailer's change of plans, however, appears related not to qualms about the market, but rather its need to refile documents with the Securities and Exchange System after purchasing BabyCenter, another Web merchant catering to parents.
A cover story? I doubt it. The eToy IPO has been highly anticipated and has some muscle behind it in the form of underwriter Goldman Sachs.
The nine most recent Internet IPO registrants are (in chronological filing order) Software.com, Streamline.com, internet.com, Ramp Networks, JFAX.COM, GoTo.com, Salon.com, WatchGuard Technologies and Juniper Networks.
So while April likely won't come close to the March's record 35 Internet IPO registrations, it could emerge as the second-busiest month ever, eclipsing February's next-best total of 25. And even if it doesn't, I detect no chill in the spring air.
A (slight) hero emerges
When a market takes an across-the-board hit, you always figure there are at least a few stocks that were able to swim against the tide, posting gains in the face of steep losses sustained by others.
Well, I found a company--the only one I could find, in fact --whose stock price actually rose from the April 13 market close through Wednesday's market close.
Broadcom (Nasdaq: BRCM), a provider of high-speed data transmission products and services, saw its share price soar from $72.88 on April 13 to $73.13 at the end of trading Wednesday. That's a whopping 25-cent gain.
Unless I'm overlooking something, that's it. That's the gainer.
Stand and take a bow, Broadcom.
(News flash: Broadcom was last seen trading Thursday morning at $70.13, down $3 a share from Wednesday's close.)
Sit back down, Broadcom.
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