|Burnt Offering |
SeeBeyond's shares have fallen 28% since
announcing the new offering
John Ederer, a research analyst with Pacific Growth Equities, agreed a few things are at play with SeeBeyond. He said the additional shares may be having a short-term effect on the stock price, but in the longer term viewed the additional cash as "very positive" for SeeBeyond. Ederer has a buy rating on SeeBeyond; his firm was part of the syndicate involved in the secondary offering but was not a lead manager. Ederer also suggested BEA Systems' forecast Thursday of nearly flat revenue in fiscal year 2003 may have pushed down shares of SeeBeyond and other middleware software companies. BEA was down 6%, Vitria Technology ( VITR) lost 1.8%, Tibco ( TIBX) was off 0.7% and webMethods ( WEBM) fell 2.5% in Friday's trading.