Recent IPOs Sector Review: Freescale Semi Follows Linear Tech, Zynga and BankUnited Dump
Freescale Semiconductor (NYSE:FSL): Linear Technology (NASDAQ:LLTC) reported results that surprised to the upside, and issued upbeat guidance, lifting its shares as well as industry players including Fairchild Semiconductor (NYSE:FCS) and Freescale (NYSE:FSL).
FSL shares closed at $14.19, up $1.19, or 9.15% on the day. The stock is $3.81 or 21.17% lower than IPO price of $18.00.
Sterne Agee believes that Zynga’s (NASDAQ:ZNGA) stock jumped 15% in the last week partly as a result of speculation that the company could have an opportunity in online gambling, but the firm thinks that this is “a long shot.” The firm adds that Zynga hasn’t shown how it will monetize mobile games and it reiterates an Underperform rating.
The shares closed at $8.65, down $0.57, or 6.18% on the day. The stock is $1.35 or 13.5% lower than IPO price of $10.00.
BankUnited (NYSE:BKU) has received preliminary bids to acquire the company from TD Bank (NYSE:TD), a unit of Canada’s Toronto-Dominion Bank, and BB&T Corp. (NYSE:BBT), reports the Wall Street Journal.
BKU shares closed at $24.95, down $0.99, or 3.82% on the day. The stock is $2.05 or 7.59% lower than IPO price of $27.00.
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