Word: techs
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Dates: during 1990-1999
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...ride looks as though it's over. Instead of coining money, companies that have come to market lately have discovered that the easy pickings are gone. An increasing number of new issues have fallen at the opening bell, and the market won't let them get up. With high-tech powerhouses such as Motorola and Hewlett-Packard reporting earnings problems, smaller companies of all sorts have had to delay long-planned sales. "This is no market for people with ulcers," says Steven Samblis, who heads an investment firm in Longwood, Florida...
...less than stellar performance since the S&P index of 500 stocks rose 78.5% over the same period. Warns William Benedetto, who heads the New York City investment banking firm Benedetto Gartland & Greene, which helps raise money for start-ups: "The individual investor should not be in the high-tech IPO market, period." If they want a piece of the action, he adds, they should buy IPO mutual funds...
Recent high-tech start-ups have fared even worse. A Houston, Pennsylvania, software maker called ANSYS opened at $13 per share on June 20, only to finish the day at $12 per share. ANSYS closed Friday at $12.37. New medical companies have been hit just as hard. CollaGenex Pharmaceuticals, a California dental-research firm, tried to lure investors last month by lowering the price of its IPO to $10 per share, well below the high of $15 originally projected. It didn't work: CollaGenex stumbled on its first day of trading, to $8.63 per share...
Times may be changing. Sheryl Swoopes, a star at Texas Tech, and now a guard/forward on the U.S. Olympic team, has a Nike sneaker named after her: Air Swoopes. She's the first woman with such a contract. "I'm still trying to find words to describe how I feel about that," she says. "It's an incredible feeling when you walk into a store and see your shoe. And you hear a little girl asking not for a pair of Air Jordans but a pair of Air Swoopes...
DANIEL COATS (R., Ind.) Heavy on tech stocks including America Online and Micron Technologies...