Thursday, March 17, 2011

Cornerstone OnDemand (CSOD) Soars 51% on Nasdaq Debut

Its first day of trading has been a big one for Cornerstone OnDemand Inc (NASDAQ:CSOD), as the current economic climate and unrest and tragic circumstances in Japan have made people jittery, and it was uncertain what the response toward the IPO would be.

Now it is known, as Cornerstone has jumped over 51 percent in its debut, and may still have some more room to run.

Cornerstone's amazing debut, even after its shares priced above the proposed range, shows the IPO market remains hot for the right U.S. companies, said Josef Schuster, founder of Chicago-based IPO investment firm IPOX Schuster LLC.

"It has to do with the rise, the renaissance of the traditional U.S.-domiciled IPO," he said.

"There is capital available for IPOs, but not for all of them, so it's the IPOs that have certain specifics, they need to be U.S. domiciled, and best in the technology area."

Cornerstone was trading at $19.60, gaining $6.60, or 50.77 percent, as of 12:43 PM EDT.




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