Recent IPOs Sector Review: Wall Street Digs Deeper into Angie’s List, Apollo Global Eyes Energy
Mobile web and app usage has grown so much that it stands to eclipse PC web usage for many leading Internet properties, notes Ryan Kim. Twitter, Pandora Media (NYSE:P), and Quepasa’s (QPSA) MyYearbook site already get over half their traffic from mobile devices, while Facebook, in spite of its enormous share of PC web usage, now counts on mobile devices for a third of its traffic. Bank of America also anointed Pandora as their favorite small cap internet stock. Pandora’s shares closed at $10.01, down $0.53, or 5.03% on the day. The stock is $5.99 or 37.44% lower than IPO price of $16.00.
Angie’s List (NASDAQ:ANGI) slid this week after a large host of analysts picked up coverage. Janney initiates coverage at Buy with a $19 price target. However, three other major firms start with Sector Perform or their equivalents, which is not too impressive given that Eric Savitz writes, “the Street’s tendency is to stay bullish on their own merchandise.” The shares closed at $13.23, down $0.56, or 4.06% on the day. The stock is $0.23 or 1.77% higher than IPO price of $13.00.
Ubiquiti Networks Inc. (NASDAQ:UBNT) was initiated with a Buy at Wunderlich. The shares closed at $18.30, up $0.86, or 4.93% on the day. The stock is $3.3 or 22% higher than IPO price of $15.00.
BMO Capital says HCA Holdings (NYSE:HCA) shares provide a near-term trading opportunity, but the firm thinks HCA is less attractive than some of its peers over the longer term. The firm maintains a Market Perform rating on HCA. The shares closed at $22.34, up $1.05, or 4.93% on the day. The stock is $7.66 or 25.53% lower than IPO price of $30.00.
Apollo Global Management (NASDAQ:APO) said on Wednesday it may join India’s Reliance to buy El Paso’s (NYSE:EP) oil and gas exploration and production unit, reports Bloomberg. Kinder Morgan (NYSE:KMI) is looking to sell the business, to help finance its $21 billion acquisition of El Paso, whose value is estimated at around $8.1 billion. The shares closed at $13.93, up $0.53, or 3.96% on the day. The stock is $5.07 or 26.68% lower than IPO price of $19.00.