Fender Dented

On Friday, Fender, the manufacturer of guitars played by such legends as Eric Clapton and Jimi Hendrix, withdrew its IPO. The company had planned to raise about $150 million and use about $90 million of that amount to pay down debt. Fender has lost money every year since 2007. Many investors felt that the industry and company were both risky at this time. Other IPOs this week have performed much better. Both Palo Alto Networks and Kayak jumped about 30 percent in the first day, and Five Below jumped about than 55 percent