I read about VMWare on Monday and how EMC would be putting 10% of the company on the market in Tuesdays IPO. They also came out late on Monday saying that the IPO price would be raised from the low 20's to $29 a share. Instead it went much higher than that.
So this morning, I decided to try my hand at my first ever Initial Public Offering (IPO) - I decided to put in a limit order for 30 shares at $35. After letting that sit there, I noticed that it looked like the opening bid would be in the 40's, so I raised it to 30 shares at 45. This order did not fill, then I read on some message boards that the thing was in the 50's. So I got sick of putting in limit orders and them not filling - I put in a market order for a small 8 shares to see what would happen. That went for $50.69, I then watched it the rest of the day and decided to get out at $54.28 for a profit of $28.72 (7%)
Small profit, but I'll take 7% in one day, considering the luck I've had with Bank of Montreal (BMO.TO) and Lexmark (LXK) both tanking over 10% in the last couple of weeks.
BDO forced to pay millions in punitive damages a jury ruled on Tuesday, check out the details here.
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