Netscreen launch bodes well for tech recovery

NEWS Security company Netscreen technologies had a successful IPO on Nasdaq yesterday. The California-based security firm's stock price reached a high of $24 by midday and closed at $23.72. Netscreen managed to raise $160m by selling stock at $16 each for private investors on the day before. The price was nearly a double from the price target of $8 per share set in October. Analysts said the Netscreen IPO was a litmus test to see how investors appetite for tech stocks is growing slowly and the success of Netscreen raises hopes in tech stock recovery on both US and European stock markets.