IPO PERFORMANCE

Earnings news sent a number of stocks to new lows, including Spectrum Brands, Prestige Brands and Great Wolf Resorts - all companies that have come public within the past 9 months.

Shares of Spectrum Brands Inc. (SPC: chart) lost more than 21% at one point on Thursday. Former Rayovac Corp., saw its stock fall to $5.77, or 15%, to close at $32.60. The stock traded at $30.10 earlier in the session. The company said adjusted earnings will come in at the lower end of its $2.40-$2.43 share range for the fiscal 2005, down from projected $2.44 per share.

Shares of a consumer products company Prestige Brands Holding (PBH: chart) were nearly half down after it reported Wednesday earnings and sales that fell short of expectations. The stock closed down $8.62, or 43%, at $11.42 per share.

Shares of Great Wolf Resorts Inc.(WOLF: chart), a family resort operator, lost a quarter of their value on Thursday after the company announced more than expected a second-quarter loss. The Madison-based company reported an adjusted net loss of $2.5 million, or 8 cents a share. Great Wolf shares closed down 25% at $14.70.

Surveying services provider Superior Well Services (SWSI: chart) priced 5.62 million shares at $13, the upper end of its proposed $11-$13 range on Thursday evening. Shares of Superior Well opened 25% up from the IPO price on Friday. 4.4 million shares were offered by the company and 1.2 million were sold by stockholders. KeyBanc Capital Markets and AG Edwards were the lead underwriters on the deal. The company has granted the underwriters a 30-day option to purchase up to an additional 840 thousand shares. The stock began trading on the NASDAQ on Friday.

Shares gained 40.9% from its offer price to close at $18.32 per share on Friday, the first day of trading.

Specialty retailer Golf Galaxy, Inc. (GGXY: chart) priced 3.95 million shares at $14. Due to a strong demand the company increased the number of shares and offered 600 thousand more than expected. The company priced above its proposed $11-$13 range on Thuesday evening. The stock began trading on the NASDAQ on Friday. Piper Jaffray was the lead manager and William Blair & Company acted as joint lead manager on the deal. The Eden Prairie, MN based company has granted the underwriters an option to purchase up to an additional 592.5 thousand shares to cover over-allotments.

Shares of the golfing retailer gained 33% from its IPO price on Friday, the first day of trading, and closed at $18.61.

A petroleum refiner and marketer Alon USA Energy Inc. (ALJ: chart) gained 8% in its market debut on Thursday. The stock opened at $18 per share and closed at $17.25 in NYSE first day trading. Dallas-based company priced its 10.2 million shares at $16 on Wednesday evening, at the high end of an estimated range $14-$16, raising $163.2 million. The company sold 1.7 million more shares than originally planned 8.5 million. Credit Suisse First Boston, Deutsche Bank Securities, and Lehman Brothers were the lead managers on the deal. The company has granted to the underwriters a 30-day option to purchase up to an additional 1.53 million shares to cover over-allotments, which they exercised in full on Friday. The IPO, including the over-allotment option, resulted in the total sale of 11.7 million shares. The petrolium refiner is a subsidiary of Alon Israel Oil Company.

The company closed at $17.75 on Friday, up 10.9% from its IPO price.

Transmission company ITC Holding (ITC: chart) priced above range its 12.5 million shares on Monday evening. Due to a strong demand the company priced its offering at $23, well above proposed $19-$21 price range at filing, raising $287.5 million. The stock began trading on the NYSE on Tuesday and closed first day trading up 15% from its offer price. The power-line operator sold only 2.5 million shares, while 10 million were offered by insiders, including Kohlberg Kravis Roberto & Co., Trimaran, CIBC Employee Private Equity Fund, Stockwell Fund and Lewis M. Eisenberg. Lehman Brothers, CS First Boston and Morgan Stanley were the lead managers on the deal. ITC marks the first US electric service provider IPO in four years and is the 21st to price above the high end of its filing range so far for year 2005.

The company’s shares gained 21.7% to close at $28 per share on Friday.

Pike Electric Corporation (PEC: chart), a provider of outsourced construction and transmission services, gained almost 3% in first-day trading on the NYSE on Wednesday. The company priced its offering of 13.5 million shares at $14, the bottom of its proposed $14-$16 price range, on Tuesday evening. The Mount Airy, NC, company offered 10 million shares, while 3.5 million shares were sold by insiders. Citigroup and JP Morgan were the lead underwriters on the deal.

The company closed at $14.43 per share on Friday, up 3.1% from its offer price.

IPO CALENDAR - the week of August 1, 2005:

Baby Universe (BUN: chart), an online retailer, said a week ago that it will be selling 2 million shares within a price range of $8-$10 per share in a bid to raise $45 million. GunnAllen Financial and Wedbush Morgan will act as the lead managers on the deal.

Hoku Scientific (HOKU: chart), a fuel cell parts developer, said that it will be offering 4.2 million shares within a price range of $11-$13 per share in a bid to raise $209 million. Piper Jaffray will act as the lead manager on the deal.

MWI Veterinary Supply (MWIV: chart), an animal health product distributor said that it will be offering 4.3 million shares within a price range of $14-$16 per share in a bid to raise $148 million. Banc of America, William Blair and Piper Jaffray will manage the deal.

The Republic Group (RUTX: chart), an insurer in Texas, Louisiana, Oklahoma and New Mexico, said a week ago that it will be offering 6.0 million shares within a price range of $15-$17 per share in a bid to raise $210 million. JP Morgan and Banc of America are the managers on the deal.

Unica Corporation (UNCA: chart), a developer of software, said the previous week that it will be offering 4.8 million shares within a price range of $9.50-$11.50 per share. Deutsche Bank will act as the lead manager on the deal.