More Bad News for Internet Consulting Firms
Technology consultant C-quential, the latest victim of negative investor sentiment toward the Internet consulting sector and technology stocks, said late Wednesday that it postponed its initial public offering.
Pricing earlier in the week didn't bode well for the spinoff of consulting firm Arthur D. Little. Originally set to price its 7.25 million shares in the $13 to $15 range, the company finally settled for a decrease to the $7 to $9 range on Tuesday, only to delay the issue the next day.
The Cambridge, Mass.-based company is only the latest to disappear from the IPO calendar. "General market conditions are the primary reason," said Melanie Hase, an analyst with Renaissance Capital, which runs the IPO Plus Aftermarket Fund. ...
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