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OpenTable Opens on Market with No Reservations

From the Wall Street Journal's Andrew LaVallee: After a 59% jump in its first day of trading, OpenTable saw its shares lose some ground [May 22]. The online reservations company closed Day No. 2 at $28.71, down $3.18, or 10%, on the Nasdaq Stock Market. Its IPO {May 21] was the strongest since Orion Energy Systems‚s in December 2007. OpenTable operates a Web site that consumers use to book restaurant reservations, but it also sells its system to restaurants and charges subscription and per-diner fees. Its chief executive, Jeffrey Jordan, was general manager of eBay North America and president of PayPal, and other senior managers hail from Amazon.com, Intuit and American Express.
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