Earnings misses hit Mideast IPO stocks

Cautious investors are punishing companies that aren't delivering

- 

Middle Eastern firms, that rode the region's boom in initial public offerings to only fall short of their lofty earnings targets, are beginning to pay the price.

In what has been a hotbed for IPOs in recent years, the region is seeing a growing number of high-profile listings stumble in early trading as investors push back at sky-high valuations. That unease is now spilling over to earnings misses, adding to market jitters.