Word: ipos
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...this boardroom tell-all generating more buzz than a Yahoo IPO? Surely everybody already suspects that the Internet bull market is a shell game. But who would have guessed that one of the minor players, having failed to find money dumb enough to make him rich, would get his payback with so deft a pen? Nobody comes off clean in this vengeful little book, not the venomous heirs of Robert Maxwell nor the philistine publishers of Windows magazine nor the executives at Time Inc. (where the author worked briefly as a consultant). "I'm a writer," Wolff tells his business...
...largest U.S. bookstore chains. The rise of No. 1 search engine Yahoo has been no less phenomenal. It stood at $181 a share last week after reporting second-quarter earnings of $8.1 million--following three straight years of losses. Ten thousand dollars' worth of Yahoo purchased at IPO in 1996 would be worth $1.68 million today. "Investors are treating the Internet as if it were the next television industry," says economist Lawrence White of New York University's Stern School of Business...
...which makes this IPO a strikeout for true investors and a smash for Jacobs. He keeps essentially all voting rights and pockets enough cash to go shopping finally for the pro football team he's wanted ever since the Cleveland Browns fled to Baltimore two years ago. What do the buyers get? A stock certificate that says all-stars Sandy Alomar and David Justice work for them now. But of course we know that athletes work for themselves. So all that the shareholders really get is a fancy sheet of paper that may or may not develop collectible value. There...
Fools' footprints have been left in plenty of onetime high-flying IPOs. Boston Chicken, the eatery, could do no wrong when it sold stock in 1993. Adjusted for splits, it initially traded at over $25, but today the stock is under $2 and worth less than a plate of meat loaf with a couple of sides. Netscape's IPO in 1995 was part of Round 1 of Internet mania. Adjusted for splits, the browser company initially traded near $36, but today is around...
Anyone who invested in the IPOs of companies making cigars, microbrews, bagels, theme restaurants or clothes in the past few years can recite similar tales of woe. He or she was buying when the smart money was selling. The basic rule of IPO investing is this: unless you have an inside edge, don't do it. If the Indians have made that any clearer, I'll root for them this year. Heck, why not? Their decline is just around the corner...