GT Solar's IPO Is A Party Pooper
Solar-cell equipment supplier GT Solar International ended its IPO day down 12% on Thursday.
The company's initial public offering of stock closed at $14.59 a share on the Nasdaq Stock Market, down from its offering price of $16.50. Today shares of GT Solar International Ilost nearly a quarter of their value. Today it shed $2.59, or 17.7%, to $12. Earlier in the day the stock touched an all-time low of $9.30.That GT Solar's IPO sucked surprised analysts, who were bullish on the deal.
It does make sense from the perspective that if you are managing money, IPOs are not top of mind right now. Also, one of its top competitors, MEMC Electronic Materials, missed analysts' estimates for its second-quarter results and pared back its financial forecast for the year because of uncertain demand for its products. MEMC shares Thursday fell 22%. Also the falling price of oil might not help.
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