IPOS: LOOK OUT BELOW!

PRICES OF NEW STOCK ISSUES TUMBLE AS INVESTORS' APPETITE FOR THE UNTESTED FADES

Like Buzz Lightyear, the gung-ho plastic spaceman in Toy Story who thought he was real, investors in Pixar Animation Studios have learned that reality bites. Pulled down by the collapsing, technology-driven NASDAQ market, Pixar stock fell 5.7% last week, to close at $16.50, light-years from its November high of $49.50, signaling that the almost cartoonish rush of IPO investing is finished.

Pixar, creator of the computerized movie hit, caused a sensation when its $22 opening price doubled and then some in its first hours of trading as an initial public offering last November, making chairman Steve Jobs, the millionaire co-founder of...

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