Underwriter |
After-Market |
| |
WR Hambrecht + Co. (2) |
+94% |
CIBC World Markets (4) |
+36% |
Merrill Lynch & Co. (4) |
+26% |
Morgan Stanley & Co. (11) |
+25% |
Jefferies & Co. (1) |
+17% |
Lazard Freres & Co. (1) |
+15% |
Bear, Stearns & Co. (3) |
+8% |
Deutsche Bank Securities (8) |
+7% |
Citigroup Global Markets (5) |
+7% |
SG Cowen Securities (10) |
+4% |
Goldman Sachs & Co. (4) |
+4% |
Banc of America Securities (4) |
+3% |
Pacific Growth Equities (3) |
-1% |
Ryan Beck & Co. (1) |
-4% |
Needham & Co. (3) |
-6% |
UBS Investment Bank (16) |
-7% |
Legg Mason Wood Walker (1) |
-7% |
Piper Jaffray & Co. (7) |
-10% |
Thomas Weisel Partners (3) |
-11% |
Credit Suisse First Boston (2) |
-13% |
Lehman Brothers (5) |
-15% |
JP Morgan Securities (4) |
-15% |
Roth Capital Partners (1) |
-34% |
RBC Capital Markets (2) |
-40% |
# After-market performance is expressed as the percent change in stock price between the offering price and the closing price on 12/31/04. For underwriters with multiple offerings, the after-market performance (as a percent change) was calculated for each stock in that underwriter's "group," the percentage summed, and then averaged. |