Today the underwriters of the Twitter (TWTR) IPO put out research reports. However, they were a bit mixed, leading TWTR stock down a little more than 1%.
These reports mark the end of the “quiet period,” part of the complex patchwork of federal securities laws. The quiet period begins when a company files its S-1 and lasts 25 calendar days after the shares hit the market. During this time, the company is not allowed to say anything about its deal, in order to avoid hyping things. But the company’s underwriters must also abide by the rule.
For the most part, underwriters usually issue “buy” ratings when they initiate coverage. But things weren’t entirely upbeat for TWTR. Read