Stock Watch: Could Be Weak

Shares of (Nasdaq: BNBN) climbed 11/16 to 18-11/16 on Monday after its four underwriters initiated coverage of the company. Lead underwriter Goldman Sachs started coverage with a market outperform rating, Merrill Lynch rated the stock a near-term accumulate and a long-term buy, and Salomon Smith Barney and Wit Capital gave a buy rating.

This is hardly encouraging, considering that shares of are barely above their offering price of $18 for its May 25 initial public offering. It’s telling that not one of the four underwriters gave a strong buy rating at this price level. It looks like’s shadow might be bigger than many people imagined.

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