Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of lumber company Boise Cascade (NYSE:BCC) jumped as much as 27% today after its IPO.
So what: The official IPO price for select investors was $21 per share this morning, but on the open market they were never near that price. Shares opened over $25 and never looked back. Private-equity firm Madison Dearborn controls the company.
Now what: Even the IPO price was well above a floated initial range of $16 to $18 per share. Investors are gobbling up stocks that may benefit from a housing rebound, and that has helped push the stock higher. Buying on IPO day can be a risky investment if you're not lucky enough to get in at the IPO price, so I'd wait to see where shares settle out before jumping in.
Interested in more info on Boise Cascade? Add it to your watchlist by clicking here.