The IPO Buzz: Whipping up Hope
By: John E. Fitzgibbon, Jr.
Some people might remember March 10 as “turnaround Tuesday.” That’s when Citigroup (NYSE: C) (quote) announced it was profitable in the first two months of 2009, other big banks chimed in with similar news, and the stock market surged. The good news on the banking front followed stocks hitting their lowest closes for 2009 on Monday, March 9. By Friday’s closing bell, the popular U.S. stock indexes were up about 9 percent to 11 percent for the week. And on Thursday evening, the IPO market had kicked in with a tiny deal.