Traders Slamming GT Solar IPO (SOLR)

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By Douglas A. McIntyre Updated Published
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Gtsolar_logoIPO traders and investors are probably wishing they never heard of GT Solar International Inc. (NASDAQ: SOLR).  The company fell roughly 12% yesterday but that is just the start of it.  Right after the open today we are seeing an unbelievable drop of more than 30%.  We questioned the timing of this one yesterday, but apparently not enough.

It seems that the entire share sale being by the parent company isn’t arecipe that traders and investors are going to endorse even if it issupposed to be a hot solar power provider. The underwriters were listedas Credit Suisse, UBS, Banc of America, Deutsche Bank, Piper Jaffray,and Thomas Weisel Partners.  Their legal departments are probablygetting ready for some calls today.

At 9:37 AM EST we have seen some 3.3 million shares trade and the lastprint was down 34% at $9.54.  This was given a mid-point pricingyesterday at $16.50. 

The current IPO market has been very quiet and we could even call it an Upton Sinclair Meets GNR market.  Welcome to the Jungle.

Jon C. Ogg
July 25, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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