Stock Watch: Negative Reversal for

In early trading Monday, it looked like it was going to be a strong day for online florist (Nasdaq: FLWS). Goldman Sachs, the lead underwriter of’s IPO, put the stock on its recommended list on Monday morning, while Wit Capital gave the stock a buy rating. Shares of climbed more than two points to 23-3/16, but then the stock fell sharply before closing at 18-9/16, a decline of 2-3/16 overall for the day.

So what happened? Well, it looks like a lot of the buyers who got into’s IPO at the offering price of $21 decided to cash out when the stock passed that level. Considering that is now a bit off its offering price, this might be a buying opportunity. Monday’s sell off seemed a bit overdone, and this company obviously has a strong brand.

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