Friday 10 August 2012

MANU - another failed IPO for US markets

Manchester United (MANU) got off to what is a lousy start today. With the brief spike at the open, it seems no one really wants to buy above the IPO list price. After the main market closed, immediately in after hours trading MANU - now without the support of the syndicate, fell below the $14.00 IPO issue price.


MANU, daily


Summary

The official close was $14.00  (*stockcharts will sometimes recognise the post 5-15 minutes as the closing level).

Regardless, without an algo-bot 'buy infinite shares @ $14.00', MANU can be expected to begin a very long slide starting next Monday.

First target? I'd guess the big $10 is a very obvious target for many.

I've frankly no idea whether MANU will even issue a dividend for these shares, which I believe will hold a mere 3% of the voting rights.
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MANU...the latest IPO...that has started badly...and won't end any better.