Renaissance was upbeat about the next few quarters. however. "We expect a pickup in activity through 2013 given the rise in behind-the-scenes filing activity and ongoing strength in the overall equity markets," the Renaissance report concluded.
The Standard and Poor's 500-stock Index and the Dow Jones Industrial average have hit milestones in the last month. The S&P rose 6.24 points to end the first quarter at 1,569.19, its highest point ever in nominal terms (not taking into account inflation). Four weeks ago the Dow broke its prior nominal high.
But a weak jobs report from the U.S. Department of Labor Friday sent stocks reeling. About 88,000 jobs were added in March, less than half the forecast of 200,000, according to the Labor Department, indicating that the U.S. economic recovery is sputtering. All major exchanges and stock indexes declined Friday, but the Nasdaq was the worst hit in percentage terms, declining 31.12 points to 3193.88, a dip of 0.96 percent. Computer stocks led the decline, with the Nasdaq Computer Index dropping 1.11 percent.
Whether tech stocks, and tech IPOs, remain relatively weak, will depend to a certain extent on earnings reports, which start to come out over the next few weeks. "Come back a month from now and the situation may be different," noted IPOScoop's Fitzgibbon.
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