BOWS OUT: Fender, a rock and roll icon, has changed its tune about going public.

THE MIDNIGHT HOUR: The company that produced guitars strummed by the likes of Buddy Holly and Eric Clapton and set aflame by Jimi Hendrix, dropped its plans for an initial public offering the night before its expected debut.

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THE RATIONALE: Fender CEO Larry Thomas said current market conditions and Europe’s ongoing economic woes wouldn’t support an IPO that values the company appropriately. Industry observers said Fender’s slower growth prospects may have also played a role.