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Gold/Mining/Energy : T.ITE: iTech Capital (TSE) -- Ignore unavailable to you. Want to Upgrade?

To: CF Rebel who wrote (4714)	6/25/2000 2:25:00 PM
From: Pied Piper	Read Replies (2) \| Respond to of 5053

The following article (from Yahoo) indicates that the IPO mood is starting to improve. This should help ITE's cause. Piper -------------------------------------------------------------------------------- Sunday June 25, 1:09 pm Eastern Time IPO VIEW - Solid debuts seen for many upcoming IPOs By Jessica Wohl NEW YORK, June 25 (Reuters) - With over 20 initial public offerings hoping to raise about $4.9 billion tentatively slated for the coming week, the IPO calendar is the heaviest since early April when the Nasdaq index fell by 25 percent. The IPO market ``is coming out of it's slumber,'' said Vincent Slavin, who tracks IPOs at Cantor Fitzgerald. After a number of weeks highlighted mostly by withdrawals and postponed deals instead of strong opening days, IPOs may be getting a kick in the right direction from the Nasdaq, which has regained much of its spring losses. This week, there will be ``no moonshots, but there are going to be some fireworks,'' said John Fitzgibbon, IPO editor at WorldFinanceNet.com. The largest offering scheduled for this week, Genuity Inc. (NasdaqNM:GENU - news), is getting a lot of attention. The electronic-business network provider, whose services include Internet access and Web hosting, plans to sell over 173 million shares in a range from $12 to $15 per share. Genuity, which is a subsidiary of GTE Corp. (NYSE:GTE - news), will do well, Fitzgibbon said. Slavin also expects Genuity to post solid gains on its first day, but noted that the large number of shares will keep the price from skyrocketing out of the gate. Other offerings getting high marks from IPO watchers include data storage provider StorageNetworks Inc. (NasdaqNM:STOR - news); integrated circuits maker Marvell Technology Group Ltd. (NasdaqNM:MRVL - news); and Stratos Lightwave Inc. (Nasdaq:STLW - news), a wholly-owned unit of Methode Electronics Inc. (NasdaqNM:METHA - news) that makes optical subsystems for high data rate networking, data storage and telecommunications applications. The hottest IPO last week was clearly Accelerated Networks Inc. (NasdaqNM:ACCL - news). Its shares more than tripled from their $15 offering price on Friday, becoming one of the top percentage gainers on the day and closing at 47-7/8. ``I believe that Storage Networks will do what Accelerated (Networks) did,'' Slavin said. Storage Networks plans to sell 9 million shares in an estimated pricing range of $17 to $19 per share. ``It's a big list -- the biggest since the beginning of April,'' said WorldFinanceNet.com's Fitzgibbon. ``Weaker deals are either getting cut in size to get priced'' or holding off for the future, Fitzgibbon said, while strong deals continue to do well despite a sometimes shaky market. After hitting an all-time high of 5,132,52 on March 10, the Nasdaq composite index (^IXIC - news) began to slip, falling as low as 3,042.66 on May 24. Last week, the Nasdaq moved back above the 4,000 mark for the first time since April. Infrastructure and telecommunications are both showing strong gains, Fitzgibbon said. Telecommunications offerings have performed well this year despite some tumultuous times in the overall market. From their opening days through June 21, 14 telecom-related IPOs have seen their shares rise an average of 29.6 percent above their offering prices. ``The bottom line counts,'' Fitzgibbon said, and quickly noted that ``some of these companies (going public this week) actually have profits,'' unlike many of the Internet-related offerings investors have started to shy away from. ``The market came in and people started realising, 'hey, what are these things?''' Fitzgibbon said. The Internet-related IPOs that surged on their first days despite poor revenues or major losses mimics the 1993-1994 biotechnology craze, Fitzgibbon said. At that time, biotechs were the hot stocks to own, and biotech IPOs ``soared into the stratosphere upon being offered with no revenues.'' ``Some of them are going to make it, some of the biotech issues did,'' Fitzgibbon said. But the majority of IPOs coming out now will not jump 50, 100 or even 200 percent like deals used to before the Nasdaq's March slump. ``The days of the moonshot are now something of the past,'' Fitzgibbon said.