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CNET VA Linux an example of stellar IPOs gone south

Feb 29, 2000, 22:47 (7 Talkback[s])
(Other stories by Dawn Kawamoto, Stephen Shankland)

"In December, computer maker VA Linux set the record for the largest gain in stock price ever on the first day of trading. The company's stock, offered at $30 a share by the company, soared more than 697 percent to close at $239.25."

"But VA has since seen its value drop by more than 50 percent. The stock declined further yesterday to close at $108.63, despite posting a second-quarter loss in line with Wall Street's expectations. In midday trading today, VA Linux was down about 2 percent to $106.25."

"Despite the mix in results, analysts say Linux still resonates with investors. With the growth of e-commerce, the popularity of the upstart OS is expected to grow as Web site owners load up on more hardware and networking equipment. Linux offers a way to cut costs."

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