Brace yourself for the return of the dot-com IPO.
Provide Commerce, which operates on e-commerce marketplace for perishable goods, filed for an IPO yesterday. But unlike the dot-com IPOs of the late 1990s, Provide Commerce is profitable, with net income of $4.3 million last year.
Upscale retailer Red Envelope is slated to make its debut after the close tomorrow under the symbol REDE, three months after it filed for an IPO. Unlike Provide Commerce, Red Envelope doesn’t appear to be profitable, with a loss of $7.7 million last year. With an anticipated offer range of $12-$16 a share, it will be interesting to see how Red Envelope fares in its debut.
Stocks overcame lackluster guidance from Lowe’s and a warning from Verizon
on Tuesday to rebound from Monday’s global sell-off on currency concerns.
The Nasdaq surged 27 to 1901, the S&P 500 recouped 6 to 1029, and the Dow rebounded 40 to 9576. Volume rose to 1.3 billion shares on the NYSE, and 1.86 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 20-11 on the Nasdaq. Upside volume was 66% on the NYSE, and 79% on the Nasdaq. New highs-new lows were 188-2 on the NYSE, and 314-4 on the Nasdaq.
After the close, Cisco rose more than 1% after boosting its share buyback plan.
During the day, Verizon fell more than 4% on its warning, dragging the telecom sector lower. AT&T
, SBC
and BellSouth
all lost ground.
Amazon.com soared 6.3% to a new 52-week high.
VeriSign continued to lag amid controversy over SiteFinder.
AMD slipped as it rolled out its 64-bit desktop chip on company comments that pricing remains tough.
Bookham soared 10% on the acquisition of New Focus
.
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