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IPO Fincl Network Pres:Web IPOs Not What They Used To Be
Dow Jones Newswire
NEW YORK -- A more discerning new-issues market is making
for quite a few flubs among Internet initial public offerings,
according to David Menlow, president of IPO Financial Network.
"The retail buyer is really hard pressed now," Menlow said during
a CNBC interview Monday, "because they're doing something
they don't want to do, and that is research."
There was a time, he continued, when "dotcom, whatever" was
enough to drive stocks through the roof. No more. "I think it's
important to realize that what we saw on Friday (when IPOs Viant
Corp. (VIAN) and GoTo.com (GOTO) jumped significantly) was
just a flash in the pan," Menlow said.
Among new stocks debuting this week, Menlow likes
Stamps.com Inc., which has a strategic alliance with America
Online Inc. (AOL), and Ariba Inc., a business e-commerce
company being underwritten by Morgan Stanley Dean Witter.
Menlow called Ariba "a blindfolded layup," saying that every IPO
Morgan Stanley touches "turns to gold."
Menlow was less bullish about GreenMountain.com, an
ecologically-friendly Web retailer. He said the company's 25
million initial shares may be "a little too much for the market." |
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