Shares of PCOrder.com (Nasdaq: PCOR), a Texas-based business that provides e-commerce technology to computer companies, were up 124 percent on their first day of trading on Friday. The initial public offering was priced at $21, and closed up 26-1/8 to 47-1/8 after being as high as 59-1/2.
It was just the typical madness surrounding an Internet IPO. More than 5.3 million shares changed hands, and there were actually only 2.2 million shares available. This means many buyers didn’t hold on to their shares very long.