From today's WSJ: "Solar-cell equipment supplier GT Solar International Inc. cast a shadow on the IPO market Thursday, ending its first day as a public company down 12%.
The company's initial public offering of stock closed at $14.59 a share on the Nasdaq Stock Market, down from its offering price of $16.50."
Any deal from a major investment bank (in this case Credit Suisse and UBS) breaking price is a big deal. The stock is down another 20+% today to around $11.
Alternative energy plays have been understandably working as the price of oil moved higher.
GT Solar's IPO didn't. Part of the weakness can be attributed to fellow supply chain member MEMC, which lowered guidance this week, but one might conclude that investors' appetite for solar exposure is waning now that energy prices have declined, and oil is down another $2.50 or so today. It may also be that the market thinks there is more downside for crude for here.
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