Ebb & Flow

Investors wondering whether the financing window is open need not look any farther than last week's fundraising activity, in which public companies of all shapes and sizes collected decent money in a variety of deals. The crescendo was on Friday, when five companies raised $107.5 million. And as is key to a broader window opening, much of Friday's money found its way into smaller cap companies (see "Trickling Down").

Notably, some fully underwritten deals also are getting pitched, with the group of proposed financings including two follow-ons and - yes - one, small, IPO...