Back after dusting off our wounds from the Vonage IPO disaster, we're still on the hunt for potential bargains in the stock market, looking for anything with a chance to jump. For some reason, I'm not all that patient with stocks that I just don't know all that well (or think I do). So, today featured a number of IPOs, including J Crew, and Utah software company Omniture. I made my bet and got into Omniture this morning at $6.39, below the initial price of $6.50.
Sure enough, after I did that, the stock started to trend down - to $6.15, to $6.10, and down... as I should have known, right? It was an instant replay of the Vonage mess.
Yet, by end of day, somehow, the stock turned itself around, finishing at $6.53, up a mere 2% for me, and less than one half of one percent for the company. Yet, for some reason, silly news wire reporters remained confused. Reuters said "Omniture shares rally in market debut", while TheStreet.com said most of the IPOs were "duds". And for anybody scoring at home, J Crew was up 28%. Guess I picked the wrong horse.
Listening to ''Moonboy'', by Christopher Lawrence (Play Count: 4)