Military
Did AeroVironment Go From Hot to Cold Already?
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AeroVironment (AVAV-NASDAQ) sure lost its momentum if you consider that it was a hot issue with a 50% premium. It opened up about 50% from teh pricing yesterday at $25.00 on the first print. It traded up marginally and then lower to close yesterday at $23.93 on 6.8 million shares. For a hot IPO the volume felt light and it closed down $0.03 at $23.90 (with a tight $23.70 to $24.38 range today) on only 770,281 shares. That’s pretty light trading today for a hot issue.
It looks and feels like this one is going to have to settle down to that $22.00 to $23.00 before Cramer comes out and gives it the thumbs up and the volume comes back in. Part of the problem in this issue is that Cramer gave a play book aheadof the pricing and it stripped out a lot of the IPO whips that tradersnormally like to see. Cramer gave his play book on this last week. Here’s what I said right after the open yesterday so you see the same tone.
Jon C. Ogg
January 24, 2007
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