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Byline: DAVID SAITO-CHUNG
The Nasdaq closed up just 0.3% on faster trade Friday after rising as much as 1.9% intraday. The tech-rich index still finished lower for a third straight week.
A few recent health care IPOs continued to outshine the big-cap-laden Nasdaq. While fewer companies have gone public these days compared with the bubble of 1999 and early 2000, many of them have years of growing profits and sales. In contrast, most of the dot-coms simply promised results way into the future. Eon Labs rose 1.56 on heavy volume to a new closing high of 17.96. The generics maker went public May 23 at $15 a share.
Cross Country drove ahead 2.09 to 37.80 on heavy volume. On Wednesday, the stock dipped below its 50-day moving average intraday, but closed above it. The nurse-staffing firm is up 122% since its Oct. 25 IPO at $17 a share. Earnings per share growth has accelerated at a dramatic pace over the past three quarters, from 50% to 70% to 163% to 360%. Analysts see second-quarter earnings up 167%, a slowdown from the latest quarter but still in the triple-digit range. Sales growth has also revved higher, from 16% ...