Orbitz Flops Amid IPO Flurry

Updated from 3:51 p.m.

The IPO market got a reality check Wednesday, as three of the five stocks brought to market on the busiest day for new-issue debuts since August 2000 had muted performances.

Shares of Orbitz (ORBZ Quote) finished down $1.35, or 5.19%, at $24.98 after a turbulent first day of trading. The eagerly-anticipated deal opened sharply higher, but dipped below its issue price for a second time late in the session.

At the end of the year, analysts said still-cautious investors may be shying away from IPO investments. "Managers are banking their gains," said Richard Peterson, an analyst at Thomson Financial. "They don't want to lose ground in the final trading sessions, especially as these stocks carry higher risk." ...