Monday, June 19, 2006
Recent Comments and IPO Developments
Despite my recent hiatus, I've received a number of excellent comments on some recent IPOs. The market has shifted since the May swoon, with the typical "sell in May and go away" playing a part, overlaid on the seemingly unexpected vigilance of the new Fed. A reader pointed out some reservations about the recent Himax offering, and while the stock price seems to have stabilized at it's current listing just below $5/share (HIMX), I seem to have underestimated the strength of those reservations. The wind has also come out of the sails behind the ethanol market, where Pacific Ethanol (PEIX) was the lone pure-play but is now joined by Verasun (VSE), with Aventine and Hawkeye Holdings still coming. Houston Wire (HWCC) and Synchronoss (SNCR) have finally listed, and while they are solid, the general market tenor seems to call for prudence and patience.
Readers may also be interested in an excellent comment on the tribulations of Bausch & Lomb (BOL).
Some of the recent market schizophrenia can also be seen through the gyrations of Basin Water's IPO, about which we had reservations (also very good comments), but the market initially received warmly, only to be followed by it currently being underwater (BWTR).
So, caution in the IPO (and general) market is the order of the day.
[Disclosure: currently long PEIX and HIMX]
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12:58 PM
Comments:
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