As if more evidence were needed that the market for initial public offerings has cooled way off, even the Mighty Morphin Power Rangers can't make a big hit. On July 26, Happiness Express, which makes and markets toys based on the popular cartoon characters, went public with an offering of 1.5 million shares at $10 each. In sharp contrast to last year's hot IPOs, the shares languished around $10. Analysts deemed that a success, nonetheless: Most IPOs these days don't even hold their initial price. The company's optimistic symbol is HAPY.

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