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Commentary: Wrong! Dispatches from the Front
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Selling the Hot IPOs in Your Past
By James J. Cramer

3/12/01 11:04 AM ET


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What are the characteristics of the stocks that are being hit hardest by this tape? I am always looking for themes, and when I spot one, I love to run with it. Lately, I have been fixated on the IPOs of 1999 as the virtual breadbasket of what's getting hammered the hardest. These were the companies that were brought public in the most superheated environment ever, and many of them are still way above where they were offered. It might provide an excellent checklist for your portfolio's health. If you have a stock that came public in 1999 and it is still way, way up from where it came public, it might be good to take a little of it off the table.

Performance of 1999 IPOs
The 512 IPOs of 1999, broken out into performance groups.
Note that 63 from the 1999 IPO class no longer trade, either because of M&A or Delisted

The best of the lot in 1999 is Brocade (BRCD:Nasdaq - news - boards), which is still up 1000% from when it came public. When you consider how much Brocade has sold off, you don't want to sell. But when you consider where it has come from, it seems prudent to take a little off.

Second is Juniper Networks (JNPR:Nasdaq - news - boards), up a cool 800%. Again, when you look at the range, you might be tempted to say, Hey, that one is way down. However, when you consider how far it is has come from since its maiden voyage -- well, what the heck?! Take some off!

Third is Nvidia (NVDA:Nasdaq - news - boards). People love this graphic chipmaker, but I think its best days are behind it. It is up 700% from its IPO.

Fourth is Aremissoft (AREM:Nasdaq - news - boards), one of the enterprise software makers that helps Web companies. It is up 600%, and that makes no sense to me.

Rounding out the top five is Corinthian Colleges (COCO:Nasdaq - news - boards), one of those private, for-profit school companies. How this company, up 400% since its IPO, stays up here is beyond me.

Oddly, I think the best bets in the 1999 class are from the already-trashed stocks, but most of you will think that is self-serving, so I'm not going to spend any time on it. So look over your portfolio. If any of your stocks went public during this period, it probably was already overvalued before it got to this point. The fact that it might still be up huge is a terrific opportunity to take some off the table.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@thestreet.com.
Send letters to the editor to letters@realmoney.com.
Read our conflicts and disclosure policy.
Order reprints of RealMoney.com articles. Top
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Dow Jones S&P 500 NASDAQ 10-Year Note
10,414.14 1,114.05 2,237.66 36.82
Oil *
72.73
UP
85.25
UP
11.58
UP
25.97
UP
1.36
10 Yr
3.68%
SPDR Gold
106.95
+0.83%
+1.05%
+1.17%
+3.84%
Data delayed 20 minutes

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