Midday Movers: MRIN, OAKS & More
Senior Editor, CNBC
Take a look at some of Friday's midday movers:
Three companies went public Friday, but only one stock traded above its initial public offering price.
Marin Software sold 7.5 million shares in its IPO priced at $14 per share, above the expected 7 million shares in a range of $11 to $13 per share. Shares of the software company traded more than 40-percent above its IPO price before pulling back. The company trades under the stock symbol "MRIN."
Five Oaks Investment opened at $14.50 on the NYSE under the symbol "OAKS," below its $15 IPO price for 5.7 million shares.
And West Corp also traded under its IPO price of $20 per share under the symbol "WSTC." The technology company sold 21.3 million shares below its anticipated range of $22 to $25 per share.
Tibco Software was down sharply after the business software maker warned second-quarter earnings and revenue would be below consensus estimates. Several analysts followed the company's warning by cutting price targets and lowering recommendations on Tibco's shares.
Lululemon was cut to "sell" from "underperform" at CLSA and price target was lowered to $55 from $79 per share.
Old Dominion Freight Line shares were up sharply as the trucking company guided higher for growth in its first-quarter tonnage to between 4.5 to 5 percent. Transportation companies are often considered indicators of economic strength or weakness.
Evercore Partners tumbled following by a downgrade from JMP Securities to to "market perform" from "outperform."
Analyst David Trone wrotes that boutique investment banks might be due for a disappointing quarter.
—By CNBC's Lori Spechler
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