We had a brand name come out and it came out according to script. Other brand names like Donna Karen and Polo Ralph Lauren did well on their first day.

What the underwriters do is discount them off the current market [valuation], which entices institutional investors to come in and sop up all the stock.

Fiber optics got slammed last week,

Second quarter was forgettable,

[However, tobacco litigation is not expected to affect the Kraft IPO.] The lawsuits are out in the open, ... This didn't just happen yesterday.

It's a good market and rolling right along. We've gotten out of the grips of dot.com insanity and moved on to other deals. This underscores the resiliency of the IPO market.