Fender drops IPO bid; 2 new tech firms soar
7/21/2012NEW YORK — Investors showed their appetite for freshly public technology stocks on Friday, but an old-school company — Fender Musical Instruments Corp.— dropped its planned initial public offering, citing "market conditions."
Meanwhile, the stock of security software company Palo Alto Networks Inc. increased 27 percent in its market debut. The stock of Kayak Software Corp., a travel-booking Web site, jumped 28 percent.
IPOs had been few since Facebook Inc.'s on May 18, the Friday that capped the worst week for the U.S. stock market this year.
After months of hoopla, the social network's stock landed with a thud. It is now trading 24 percent below its $38 IPO price.