Dang! BIDU Chinese IPO: Market Pulse: Tech stocks close lower overall, but Baidu skyrockets
Friday August 5, 4:18 pm ET
By Michael Paige
LOS ANGELES (MarketWatch) -- Technology stocks closed lower overall on Friday, sending the Nasdaq Composite Index lower by 13.4 points, or 0.6%, to close at 2,177.9. However, Baidu.com Inc. saw its shares rocket higher as the Chinese Internet issue debuted on Wall Street. Baidu climbed $95.54, or 354%, to $122.54, leaving its initial offer price of $27 far behind it. Elsewhere, Computer Sciences Corp. shares lost $1.87, or 4%, to $44.97 after its quarterly results and outlook failed to spark enthusiasm. Network Appliance Inc. shares lost 94 cents, or 3.7%, to $24.56 after the firm warned on its upcoming quarterly results. Meanwhile, chip stocks eased overall, with the Philadelphia Semiconductor Index edging down 1.35 points, or 0.3%, to 471.19.
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.
