Word: ipos
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Nine months ago, the geeks were expected to inherit the earth. Now they consider themselves lucky if they remembered to hit CONTROL-S on their PC keyboards before the screen faded. Once the ruling emotion was IPO frenzy; now it's PG&E fear. The Internet itself is pretty well protected, with most websites housed in generator-filled buildings called data centers. The carefree life of dotcommers who run the websites, however...
...blame analysts if you were so caught up in the money chase that you failed to recognize their tortured logic and conflicts of interest. You owe it to yourself to understand how things work. Earnings expectations, not earnings, are what matter. Mr. Average gets shares of an IPO not because he's lucky, but because the IPO was deemed too chancy for better clients. When analysts say buy, they mean hold; hold, they mean sell...
Until very recently, German film companies had money to burn, and most of that found its way to California. Last year 12 relatively unknown German film-distribution and production companies tossed their shares out onto the local stock market and reeled in more than $3 billion in IPO capital. They used that war chest to gobble up strategic chunks of the worldwide filmmaking and distribution industry, and many of those chunks are shriveling rapidly. Companies with names like Intertainment and Helkon Media ran rings around established German players like Kirch Media and Bertelsmann, which, perhaps wisely, stayed...
...results are similar in cases in which a subsidiary is only partly divested. Known as equity carve-outs, these divestitures tend to be IPOs of less than 20% of a business. The parent retains the bulk of the stock--and control--but often later gives that stake to shareholders as a tax-free dividend. Early this year 3Com sold 17% of its white-hot Palm unit in an IPO, then gave the rest to shareholders in July. The average carve-out does well. Palm has doubled since July, although it remains below March's mania levels. But parent companies tend...
CANDICE CARPENTER A month after iVillage's IPO in March 1999, the stock price peaked at $130, only to slide to single digits by this summer, when Carpenter bowed out as CEO. WAS WORTH: $ 23 million, Oct. '99 NOW WORTH: $ 1.16 million...