The unofficial closing bells put the DJIA up about 60 points to 12,482.22 (0.48%), the NASDAQ rose more than 17 points (0.64%) to 2,728.08, and the S&P 500 rose 0.35% or nearly 5 points to 1,293.66.

There were several analyst upgrades and downgrades today, including FedEx Corp. (NYSE: FDX) cut to ‘hold’ at Jefferies; BHP Billiton Ltd. (NYSE: BHP) started as ‘buy’ at Goldman Sachs; Intel Corp. (NASDAQ: INTC) cut to ‘neutral’ at JPMorgan; Tesla Motors Inc. (NASDAQ: TSLA) raised to ‘buy’ at Wunderlich; and Panera Bread Co. (NASDAQ: PNRA) raised to ‘overweight’ at Morgan Stanley.

Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: McMoRan Exploration Co. (NYSE: MMR) is up 4.55% at $13.32; TD Ameritrade Holding Corp. (NASDAQ: AMTD) is down -1.72% at $16.02; Wells Fargo & Co. (NYSE: WFC) is up 0.67% at $29.81; Citigroup Inc. (NYSE: C) is down nearly -8% at $28.29; and Check Point Software Technologies Ltd. (NASDAQ: CHKP) is up nearly 8% at $54.93.

Other standouts from today include the following stocks:

Ku6 Media Co., Ltd. (NASDAQ: KUTV) is up nearly 154% at $3.50. The Chinese online video company has signed an agreement with Google Inc. (NASDAQ: GOOG) to offer international viewers a Chinese video channel on YouTube.

Convio Inc. (NASDAQ: CNVO) is up nearly 48% at $15.89, after setting a new 52-week high earlier. The provider of software to non-profit organizations has agreed to be acquired by Blackbaud Inc. (NASDAQ: BLKB) for $16/share, or about $312 million.

Venoco Inc. (NYSE: VQ) is up nearly 31% at $10.05. The independent oil and gas company is being taken private by its CEO. We have more coverage here.

R.R. Donnelly & Sons Co. (NYSE: RRD) is down nearly -16% at $12.12 after posting a new 52-week low of $12.08 earlier. The business services company said revenues for 2011 are going to be lower than expected.

Carnival Corp. (NYSE: CCL) is down nearly -14% at $29.57. The cruise ship operator is sinking following the disaster off the Italian coast that has left 11 dead and 29 missing. We have more coverage here.

Stay tuned for Wednesday. Federal Reserve Bank governor Daniel Tarullo is giving a speech. We have the following events on the schedule (all times Eastern):

• 7:00 a.m. – Mortgage Bankers Association mortgage applications
• 8:30 a.m. – Producer price index
• 9:15 a.m. – Federal Reserve report on industrial production
• 10:00 a.m. – Housing market index

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Paul Ausick

After the first half hour of trading, Ku6 Media is up nearly 98% at $2.73. Volume is already more than 15x the daily average. The Chinese online video company has signed an agreement with Google Inc. (NASDAQ: GOOG) to offer international viewers a Chinese video channel on YouTube.

Convio is up more than 48% at $15.90 after setting a 52-week high of $15.91. Volume is already 10x the daily average. The provider of software to non-profit organizations has agreed to be acquired by Blackbaud Inc. (NASDAQ: BLKB) for $16/share, or about $312 million.

Provident Energy is up nearly 22% at $11.35 after posting a new 52-week high of $15.42. Volume is double the daily average already. The processor of natural gas liquids (NGLs) is being acquired by Pembina Pipeline Corp. for about $3.1 billion in stock.

Kinross Gold is down more than -16% at $10.57 after posting a new 52-week low of $10.44 earlier. Volume is already nearly equal to the daily average. The gold mining company has said that it expects production to be flat in 2012, while costs will rise 12%-19%, and the company will also writedown goodwill at one of its mines.

Carnival is down nearly -14% at $29.53. Volume is already nearly triple the daily average. The cruise ship operator is sinking following the disaster off the Italian coast that has left 11 dead and 29 missing. We have more coverage here.

Paul Ausick

In these groups so far in 2010 we have BroadSoft, Convio, DynaVox, Everydat Health, Eyeblaster, Force10 Networks, Gamefly, GlassHouse Technologies, IronPlanet, MagnaChip, Motricity, NEXX Systems, SciQuest, Telx, Vringo, and Wave2Wave Communications.

We have made a brief outline on the status of each where applicable, some background on the companies, underwriters, the proposed size, proposed stock tickers, and added in any relevant data we saw fit.

BroadSoft, Inc. (BSFT)  was a mid-March filing for up to $103.5 million in its IPO.  The company designs software that fixed-line, mobile, and cable service providers use to provide voice and data services over IP-based networks for video calls, hosted multimedia communications, and collaboration tools.  Due to this being a recent filing, little more has been out of the company.

Convio, Inc. (CNVO) is in the field of customer relationship management software, but it also has aspects in sales and marketing software. Its end of January filing is still in the pending category and the filing was for up to $57.5 million.  A recent amended filing showed lead underwriters as Thomas Weisel Partners LLC and Piper Jaffray; co-managers are William Blair, JMP Securities, and Pacific Crest.

DynaVox Inc. (DVOX) is still pending in its “up to $125 million” sized deal.  This company is a communications software company, but here is its own description: “We develop and market industry-leading software, devices and content to assist people in overcoming their speech, language or learning disabilities. Our proprietary software is the result of decades of research and development and our trademark- and copyright-protected symbol sets are more widely used than any other in our industry.”  This was either the first or one of the first filings for an IPO in 2010.  A recent amended filing shows Piper Jaffray, Jefferies & Co., William Blair & Co., and Wells Fargo Securities as underwriters.

Everyday Health, Inc. (EVDY) was a mid-January 2010 filing that is a health play, but all online… online health information. “We’re here to help you manage your own and your family’s conditions and overall well-being through personalized advice, tools, and communities.”  Its filing is for up to $100 million in an IPO. Goldman Sachs and J.P. Morgan

Eyeblaster, Inc. was filed in mid-March and is into digital advertising to ad serving and global campaign management with its MediaMind product.  The mid-March filing means that very little has been announced about the company since the filing of up to $100 million.  We are still awaiting a proposed ticker. Underwriters are listed as J.P. Morgan and Deutsche Bank as joint book-runners; co-lead as Pacific Crest, and FBR Capital Markets, ThinkEquity, and Broadpoint Gleacher as co-managers.  If you will recall, this one tried before and had to cancel because of market conditions.

Force10 Networks, Inc. (FTEN) is a company which you will want to know more about if you are tired of bogged-down networks when you are trying to use your smartphone.  This company filed in early March for an IPO of up to $143 million and is still deemed a ways out before price indications.  Force10 is not Navarrone, but it provides wireless backhaul equipment, Ethernet routing and switching systems, metro and access equipment to bothe enterprise data center clients and communication network operators.  These are both wireless and wireline carrier clients.  As far as news stories, there have been many since its filing and that would lead us to believe more interest is here.  The WSJ said its backers may be impatient but it merged with Turin Networks Inc. last year.  This has a very large underwriting group: J.P. Morgan, Deutsche Bank, Barclays Capital, Baird, Cowen & Co., RBC Capital Markets, and Pacific Crest Securities.

GameFly, Inc. (GFLY) is a mid-February filing that is still in the pending sector.  As it is into online video game rentals, almost a Netflix for video games, as well as a seller of games, this “up to $50 million” IPO may be fighting the troubles of the video game sector.  Now that GameStop is seeming to be further out of trouble this could be coming sooner rather than later.  Full Filing Summary here.

GlassHouse Technologies, Inc. (GLAS) is into IT services and its late-January filing is for up to $75 million.  Goldman Sachs and Credit Suisse are the joint book-runners of the deal.  Co-managers are Thomas Weisel, William Blair and Oppenheimer.  This is a global provider of data center consulting, technology integration and managed services.

IronPlanet, Inc. (IRON) was an IPO filing in the last ten days or so for up to $92 million. The company is thought of as a building and construction company, but it sells used construction equipment via online auctions.  eBay meets bulldozers. Lead underwriters are J.P. Morgan and Deutsche Bank Securities; co-managers are Cowen & Co., Piper Jaffray, and Needham & Co.

MagnaChip Semiconductor Corporation (MX) is a mid-March filing of up to $250 million.  What is interesting about this Korean company which makes semiconductors for consumer products like mobile phones and televisions is a recent bankruptcy or restructuring company. Underwriters are listed as Goldman Sachs, Barclays Capital, Deutsche Bank Securities, Citigroup, and UBS Investment Bank. Full details of filing here.

Motricity, Inc. (MOTR) is still in the pending file for an IPO of up to $250 million.  This wireless software provider offers hosted software and services applications used by wireless carriers to offer mobile Web portals, online stores, messaging applications, and other payment and billing support systems.  Goldman Sachs and J.P. Morgan are the co-lead managers.  Intel Corp. (NASDAQ: INTC) via Intel Capital and Qualcomm Inc. (NASDAQ: QCOM) via Qualcomm Ventures are VC-backers, and Carl Icahn was listed as a backing owner as well.

NEXX Systems, Inc. is into semiconductor equipment and materials, and its $42 million IPO filing in February has been a quiet one.  Its equipment uses flip-chip technology that assembles chips vertically rather than horizontally.  The underwriters for the offering are Canaccord Adams Inc. and CIBC World Markets Corp.

SciQuest, Inc. (SQI) is the most recent of the March IPO filings and it was for up to $75 million. Its revenue comes from sales of subscriptions and related services to education, life-sciences and health care companies, as well as some governmental clients.  SciQuest was acquired and taken private by Trinity Ventures in 2004.

The Telx Group, Inc. (TELX) filed to sell up to $100 million in its IPO in mid-March.  This company operates 15 colocation facilities in North America (which may now be larger than at the filing date) and it offers a constant power supply and off-site data storage.  The filing shows a large underwriting group: Goldman Sachs, Deutsche Bank, RBC Capital, Oppenheimer & Co., Piper Jaffray, and SunTrust Robinson Humphrey.

Vringo, Inc. (VRNG) was a late-January filing.  Its video ringtone application and web platform are said by the company to “transforms the basic act of making and receiving mobile phone calls into a highly visual, social experience.”  It will sell 2.4 million units and have warrants attached to the units.

Wave2Wave Communications Inc. was one that we have heard very little about.  The managed network services provider was almost a $100 million, or up to $100 million, filed in February and we have not heard a peep aboput this one in weeks.  The company builds and manages wired and wireless broadband systems for businesses to enable data, telephone, and email services.  Rodman & Renshaw is the sole underwriter listed in teh first filing.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

This has many implications for public companies such as The Blackstone Group (NYSE: BX), Intel Corp. (NASDAQ: INTC) via Intel Capital and Qualcomm Inc. (NASDAQ: QCOM) via Qualcomm Ventures, and Novartis (NYSE: NVS).  Below is a brief update on each IPO on the docket.

CBOE Holdings Inc., the parent of  the Chicago Board Options Exchange, has seen a tapering off of the pre-IPO value based upon two exchange seat sales in the last week.  A seat at the CBOE sold for $2.625 million this week according to Dow Jones, after a seat went for $2.7 million last week.  Earlier this month a seat sold for $2.825 million.  According to our calculations on a all-in seat value of 930 seats, that generates an implied exchange value of $2.441 billion versus $2.627 billion earlier this month.  This IPO is not due until mid-year, so this may be premature.

Convio Inc. is an online constituent relationship management provider that sells mainly to non-profit groups.  This will trade under the ticker “CNVO” on NASDAQ and Piper Jaffray and Thomas Weisel were co-lead managers.  It plans to raise $57.5 million in the IPO, although this needs to be double-checked because we saw up $86 million in an IPO filing that was withdrawn after a 2007 filing.  You know why… unfavorable market conditions.

Everyday Health Inc., a VC-backed health information site for health-conscious consumers, recently filed for a $100 million IPO.  The company plans to trade under the stock ticker “EVDY” on NASDAQ.  Goldman Sachs and J.P. Morgan are the co-lead managers of the deal.

FriendFinder Networks Inc. has reportedly moved its IPO to next week (if not later).  The social network, sort of, for dating and finding sex hook-up partners will trade under the ticker “FFN” on the NYSE.  We had already noted how the size of the offering was cut severely.  The reason the deal is delayed is because of requests from the SEC according to reports.

Generac Holdings Inc. is a maker of standby and portable generators.  This is a private equity-backed IPO bought in late 2006.  It has bumped up the proposed IPO size to over $427 million from $300 million and the proposed ticker is “GNRC” on NYSE… J.P. Morgan and Goldman Sachs are co-lead managers.

Graham Packaging Co. is a maker of plastic containers, and owned by The Blackstone Group (NYSE: BX).  Terms were initially set at 23.3 million shares between $14 and $16 per share under the NYSE ticker of “GRM”… Citigroup, Goldman Sachs, and Deutsche Bank are the lead underwriters.

HealthPort Inc. has recently canceled its plans for an IPO because of poor market conditions.  The medical record management company had planned a stock sale  of up to $100 million.

IFM Investments Ltd. is set to trade Thursday under the stock ticker “CTC” on the NYSE.  The Chinese real estate player is under a Century 21 franchise agreement to sell real estate in China.  It now plans to sell 12.5 million ADSs between $7 and $8 per share, but this is under a prior range of $8.75 to $10.75 and under the prior 16+ million shares originally shown.  If China is cutting down on its loans, how good can business be?

Ironwood Pharmaceuticals Inc. filed at the end of 2009 for an IPO and has recently set the terms of the IPo at 16.6 million shares in a range of $14 to $16 per share.  This one will trade as “IRWD” on NASDAQ and joint book-runners are J.P. Morgan, Morgan Stanley, and Credit Suisse.  This company is the parent of Microbia, Inc., with a validated technology platform that enables it to produce specialty ingredients and industrial biomaterials from renewable resources.

JinkoSolar Holding Co. Ltd. is a VC-backed developer of silicon wafers in China for use in solar panels.  The company filed to raise up to a $100 million and plans to trade on the NYSE with the “JKS” stock ticker.  Goldman Sachs and Credit Suisse were listed as the co-leads on the deal.

Motricity Inc. is a provider of mobile data solutions that enable wireless carriers and enterprises to deliver mobile data services to their subscribers and customers.  It has recently filed recently to raise up to $250 million in a sale of common stock in its IPO and plans to trade under the “MOTR” stock ticker on NASDAQ.  Goldman Sachs and J.P. Morgan are the co-lead managers.  Intel Corp. (NASDAQ: INTC) via Intel Capital and Qualcomm Inc. (NASDAQ: QCOM) via Qualcomm Ventures are VC-backers, and Carl Icahn was listed as a backing owner as well.

Prometheus Laboratories Inc. is a drug and diagnostics company that acquired the U.S. licensing rights covering the Novartis (NYSE: NVS) kidney cancer drug Proleukin for terms that were not seen but include up-front payment(s) and potential payments upon reaching certain milestones.  We have the registration being up to $100 million stock being sold by the VC-backed company.

QuinStreet Inc. is a provider of vertical marketing solutions online and will sell 10 million common shares at $17 to $19 per share.  We had penciled in up to $250 million  originally.  The firm will trade under the “QNST” stock ticker on NASDAQ.  Credit Suisse, Bank of America Merrill Lynch, and J.P. Morgan are co-lead underwriters.

Ryerson Holding Corp. is a recently filed IPO for the metals processor to raise up to $350 million under the stock ticker “RYI”on the NYSE.  This one was taken private by Platinum Equity in 2007 with a price tag of close to $2 billion.  Its S-1 filing with the SEC showed us no listed underwriters.

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JON C. OGG

Here is the formal verbiage:

• The Company is requesting such withdrawal because ofunfavorable market conditions that would adversely affect the offeringof the securities under the Registration Statement.  The Companyconfirms that no securities have been or will be distributed, issued orsold pursuant to the Registration Statement or the prospectus containedtherein. Furthermore, there was no circulation of preliminaryprospectuses in connection with the proposed transaction and theRegistration Statement was not declared effective by the Commission.

This looks like a Freddie Mercury IPO.  Another one bites the dust.

Jon C. Ogg
August 5, 2008

The company has on-demand software and services that enable nonprofit organizations to more effectively raise funds, influence public policy and support their missions.  It claims it is leveraging the Internet to build strong relationships with constituents for fundraising, advocacy, email marketing and web content management complemented by consulting services.  Convio says it developed its solution based on interactions with more than 1,200 active NPO clients; but as of June 30, 2007 its clients include 22 of the 50 largest charities in the United States.  This includes the American Red Cross, American Cancer Society, CARE, Catholic Relief Services, Feed the Children, Inc., The Ocean Conservancy, Inc., Paralyzed Veterans of America, Public Broadcasting Service, Shriners Hospitals for Children and Smithsonian Institution.

For fiscal 2006 it posted $30.674 million in revenues, with an operating loss of $11.92 million, and a net loss of just over $12.5 million.  In the first 6 months of 2007 here are the stats compared to 2006

YEAR    REVENUE        OPERATING    NET
2007    $18.432M    -$6.345M    -$7.499m
2006    $13.714m    -$6.039m    -$6.196m

There are items that can explain this higher operating loss and higher net loss on revenues, but ideally that would look a little better.  As of June 30, 2007, it listed 301 employees that are all based in the United States: 114 in sales, marketing, account management and business development; 42 in R&D; 123 in services, support and operations; and 22 in general and administration.

This looks on the surface as though it has many overlaps with Blackbaud, Inc. (NASDAQ:BLKB).  Blackbaud can help manage a nonprofit organization’s fundraising activity, address the accounting needs of nonprofit organizations, and organize an independent school’s admissions and registrar processes.  There is obviously Not a perfect overlap per se, but in the realm.

Jon C. Ogg
August 31, 2007