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The 2 year anniversary of Facebook’s 2012 IPO is just a month away, and if recent trends continue the demand for new offerings may start resembling the freeze that followed the social network’s debut. But today Weibo, commonly referred to as China’s version of Twitter, took a while to get going but by the afternoon shares were climbing, closing with a 19% gain. Meanwhile travel software service firm Sabre, the parent company of Travelocity debuted to a slim 3% gain.
Corporate earnings pushed U.S. stocks mostly higher on Thursday. The Standard & Poor's 500 index rose two points, to close at 1,864.85. Seven of the 10 industry sectors in the S&P 500 gained, led by energy stocks. The Nasdaq added nine points, to finish at 4,095.52. The Dow Jones industrial average, however, fell 16 points, to close at 16,408.54, hurt by the big drop in IBM.
China’s Weibo Corporation has announced that its initial public offering has raised just $286 million, substantially lower than anticipated. The social media company sold fewer shares than expected – just 16.8 million – at the price of $17, right at the bottom of the projected range. There are a number of factors behind this, from suspicion that the company may at some point be taken over by e-commerce firm Alibaba to concerns about the social media business in general. But there’s another reason, which the company warns about in its SEC filing : that the censorship rules imposed by the Chinese government could adversely affect its business.
Leading manufacturer of heavyweight motorcycles, Harley-Davidson is scheduled to announce its first quarter earnings on April 22nd. The company is expected to gain from growth in developing markets and stabilizing European markets. In addition, sales in the U.S. are expected to grow, carrying momentum from the second half of last year. Harley sells around two-thirds of its motorcycles in the U.S. itself.