NEW YORK (MarketWatch) -- With a batch of scuttled IPOs this summer adding to the void, the market for initial public offerings has slowed down this year in the face of rising interest rates, record oil prices and geopolitical jitters.
A total of 137 U.S. initial public offerings have priced in 2006 for proceeds of $26.3 billion, according to Dealogic.
That's about 10% less in number than the 153 IPOs priced in the year-ago period for proceeds of $28.3 billion.
Forty-two IPOs have been withdrawn or postponed so far in 2006, a 17% increase compared to this time in 2005, when 36 deals had been withdrawn or postponed.
IPO investors have been particularly cool to the tech sector, once the darling of the IPO market, after the lackluster debut of Vonage ( VG : vonage hldgs corp com
Or it might be a few high-profile IPO letdowns like telephone-broadband company Vonage ( VG : 7.52, +0.44, +6.2%) that are souring some investors. Vonage , which Holmes calls a bold play that turned out to be a disaster, was a venture-backed dud. It priced at $17 on May 24, and subsequently closed down more than 12% on its first day of trading. It's now near $7. (from yahoo.smartmoney
Nasdaq (formerly National Association of Securities Dealers Automated Quotation system) - the largest organized stock market for OTC trading; information system for individuals, brokers and dealers. Similar in Dollar Volume to NYSE
Rise During Latest Month Occurred Despite a Rally In the Technology Sector
By PETER A. MCKAY August 25, 2006; Page A12
Short-selling activity hit a record on the Nasdaq Stock Market during the latest monthly period, despite a rally in the technology sector.
For the period ended Aug. 15 , the number of short-selling positions not yet closed out at the Nasdaq -- so-called short interest -- rose 1.8% to 7,268,106,428 shares, from 7,139,899,294 shares in mid-July.
Marketwide, the short ratio, or number of days' average volume represented by the outstanding short positions on the market, fell to 4.0 from 4.1.