VMware Shares Drop Below IPO Price
September 17th, 2008 By: Rich Miller
What a difference a year makes. The VMworld 2007 show generated excitement about the future of virtualization, prompting investors to bid up the price of the newly-public VMware (VMW). By November 2007, the company’s stock was trading at $124 a share.
Today marked the first day that VMware shares have fallen below their IPO price of $29. This afternoon VMW is down $5.00 at $26.98 a share, a one-day drop of 16 percent. It’s clearly not alone, as the current turmoil on Wall Street is battering many companies. It’s a sobering reminder that the technologies showcased at VMworld 2008 will be marketed and deployed in a tough market in which long-held assumptions can change overnight.
Given that ALL share prices are down, i don’t really see the significance of this article. to flag up one company in bear market seems pre-emptive to say the least. Still it makes a news story in an other wise uneventful day….