MARKET PREVIEW: IPOs make a comeback

2 min read

An IPO revival and strong earnings from Micron could spur some buying Friday. Asian markets were mixed, European markets moved down, and the Dow is set to open flat.


Three new offerings priced for debut Friday; Manufacturers Services (NYSE: MSV) priced at $16 a share, the middle of its range; Qualstar (Nasdaq: QBAK) priced at $7, the bottom of its downwardly revised range and Accelerated Networks (Nasdaq: ACCL) tagged shares at $15 each, above its upwardly revised range.

Micron shares should take off Friday considering the memory-chip maker shattered estimates by 13 cents a share in its third quarter.

The latest Microsoft (Nasdaq: MSFT) legal news is the company's attempt to speed up the appeal of its case. Attorneys said late Thursday afternoon they would file their appeal to the U.S. Supreme Court by July 26, rather than a Aug. 14 deadline. They are still requesting that the case be heard first by the U.S. Court of Appeals, while government attorneys argue the case should go straight to the high court.

The following technology stocks should be among Friday's most actively traded issues: AT&T, Micron Technology, Rambus and 3dfx Interactive.

Interest-rate angst and profit taking in the technology sector conspired to drag the Nasdaq composite down 127 points to 3,936.95 Thursday. The Dow Jones industrial average fell 122 points to end at 10,376.12.

At the Bell

The Dow Jones industrial average may open flat to 1 point higher. The Standard & Poor's 500 index for June futures contracts was up 0.2 to 1476 at 7:31 a.m. EST in 24-hour electronic trading.

The Inter@ctive Week @Net Index was down 17 to 496.48.


Trading in Asia was mixed. The Nikkei 225 fell 0.83 to 16,893, Singapore's Strait Times index rose 0.28 percent to 2,034 and Hong Kong's Hang Seng was down 1.34 to 0.28 percent to 15, 738.


European markets were moving down. London's FTSE 100 fell 0.38 percent to 6,389. The CAC 40 in Paris slipped 0.37 percent to 6,431 and the DAX in Frankfurt was down 0.18 percent to 7,041 at 6:57 a.m. EST.

Reuters contributed to this report.