IPO heats up after Facebook freeze
Investors embraced new tech listings on Friday while Fender Instruments abandoned its planned IPO due to market conditions. Palo Alto Networks rose 27 percent in its debut and Kayak climbed 28 percent. Eight IPOs were planned for next week, including a Dutch security software maker, a Texas steakhouse, and a Lakewood Colorado grocery chain.
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IPO Market Rebounds With Diverse Early Offerings
The IPO market shows signs of revival after a mid May lull sparked by Facebook. Small, varied industry offerings signal broader economic confidence as investors seek growth, with Kayak Software and Palo Alto Networks highlighted for revenue growth despite a flat economy.
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GE earnings dip despite energy drive and record backlog
General Electric reported a 16 percent drop in net income to 3.1 billion for the April-June quarter due to legacy financing charges, while its energy infrastructure and transportation units posted double-digit gains. CEO Jeff Immelt touted a volatile economy but noted core businesses are growing profits and a record backlog.
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