Opening Range
Categories: Trading
The bids were starting to come in. The IPO looked hot-ish. Price talk ran $12-13 when the company started being marketed. The roadshow happened. Investors liked the founder, knew the old, moldy CFO. The stock gained a tailwind throughout the two weeks of tap dancing for Wall Street. So the IPO was priced at $16.
But then rumors came in that MSFT was hot to trot to buy the company. Right then. Demand jumped in and the opening range of bids was closer to $22-23.
That was the opening range. Nothing to do with a stove repair company.