IPO Sector Review: Pandora Media Challenges Sirius XM Radio
Wall St. Watchdog reveals information about today’s action in recent initial public offerings.
Kosmos Energy Ltd (NYSE:KOS): Kosmos Energy (KOS +7.1%) shoots higher after Barclays upgrades shares to Overweight, based on valuation supported by a ~$9/share NAV for its Jubilee Field alone. The stock’s $21 value estimate also includes appraisal drilling in Ghana and future exploration potential in Ghana, Cameroon and Morocco.
The shares closed at $14.00, up $0.79, or 5.98% on the day. The stock is $4 or 22.22% lower than IPO price of $18.00.
Phoenix New Media Limited (NYSE:FENG): China’s “Great Firewall” has been intermittently blocking Google’s Android Market over the last three days, as well as its mobile Gmail app. Google shares don’t appear to be affected by the news, but Chinese mobile data services provider Phoenix New Media is a much different story.
The shares closed at $5.85, up $0.27, or 4.84% on the day. The stock is $5.15 or 46.82% lower than IPO price of $11.00.
Pandora Media (NYSE:P): The challenge posed to Sirius XM (NASDAQ:SIRI) by Internet radio doesn’t just come from Pandora, claims Robert Weinstein. Rather, it comes from a whole slew of service providers leveraging carrier networks and Apple and Google’s mobile ecosystems. Like railroad owners dealing with the rise of the Interstate Highway system, Sirius XM will have trouble competing with rivals who have far lower infrastructure costs.
The shares closed at $10.54, up $0.42, or 4.15% on the day. The stock is $5.46 or 34.13% lower than IPO price of $16.00.
Sequans Communications (NYSE:SQNS): Sequans Communications fall after lowering Q4 guidance well below consensus, as a result of its largest customer’s request to take delivery of ~40% of the chips previously scheduled for delivery in December and to cancel the remainder of the scheduled shipment.
The shares closed at $2.68, up $0.1, or 3.88% on the day. The stock is $7.32 or 73.2% lower than IPO price of $10.00.
Trunkbow International (NASDAQ:TBOW): Chinese telecom technology provider Trunkbow International trades up after saying it’s been awarded its first MPS contract by China Mobile Limited (NYSE:CHL) to support the company’s deployment of a point-of-sale-based MPS network in the Hebei Province, China.
The shares closed at $1.90, down $0.16, or 7.77% on the day. The stock is $3.1 or 62% lower than IPO price of $5.00.
Gevo (NASDAQ:GEVO): Bioproduct developer Gevo jumps after being selected by Coca Cola (NYSE:KO) as one of three companies that will try to commercialize a 100% plant-based soda bottle over the next couple years.
The shares closed at $6.02, down $0.44, or 6.81% on the day. The stock is $8.98 or 59.87% lower than IPO price of $15.00.
Groupon (NASDAQ:GRPN): More on Groupon’s ongoing stumble: LivingSocial exec Brandon Lewis, All Things Digital’s Tricia Duryee, and Susquehanna’s Herman Leung all point to the 80% merchant satisfaction rate as an overlooked positive sign out of the Yipit report from earlier this week that continues to contribute to a hammering of GRPN’s shares.
The shares closed at $17.88, down $0.91, or 4.84% on the day. The stock is $2.12 or 10.6% lower than IPO price of $20.00.
Tudou Holdings Ltd. (NASDAQ:TUDO): Youku.com (NYSE:YOKU) rallies, and Tudou slumps, after the former sues the latter for patent infringement, adding to a bitter rivalry between the top Chinese video sites. Tudou, for its part, has accused Youku of enabling the piracy of a TV show for which Tudou has exclusive streaming rights; Youku has reponded by accusing Tudou of doing the same thing, only with dozens of different shows.
The shares closed at $10.28, down $0.52, or 4.81% on the day. The stock is $18.72 or 64.55% lower than IPO price of $29.00.