Despite the widening government-debt crisis in Europe and as many as eight initial public offerings crowding the US exchanges this week, a small deal out of China sailed through the US primary markets, putting a spell of charm on cautious investors.
Charm Communications, a Chinese television advertising agency, raised $74.2 million in a Nasdaq IPO after pricing its shares towards the bottom of the indicated range -- a move designed to increase the potential for gains in the secondary market.
Initially, the company's generosity seemed to have worked. The stock opened higher when it started trading last night under the ticker CHRM, and climbed as much as 5% to $10 early...
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