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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)

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"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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