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Technology Stocks : CMGI What is the latest news on this stock?
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To: sam who wrote (16070)1/27/2000 12:27:00 PM
From: geekland  Read Replies (4) of 19700
 
Indeed, I DID call Wit but the information they provide is virtually worthless. (That's why I'm trying to pick the brains of our SI cohorts here regarding any actual experience anyone may have had with previous Wit-sponsored IPO's.)

The Wit folks will tell you that it's a "random" selection process. That's like saying that walking is a form of locomotion. DUH! Well, RANDOM in what sense? Is there a lottery? Are account holders who lucked out and were selected for previous IPO's kept out of subsequent offerings to give others a chance? Does this so-called "random" process have integrity?

Forgive my cynicism & suspicion but what if this is a massive come-on to lure mega-bucks worth of deposits over to Wit Capital's coffers? Yeah - I'll gladly open an account with a $2000 minimum if it qualifies me for IPO participation! But is that a false hope? These IPO's are historically notorious for cronyism, old boy network buddy-buddy stuff, influence peddling, etc. regarding who actually gets in at initial pricing before the inevitable opening pop once public trading begins. Do common-folk CMGI shareholders really have any hope of becoming one of those exalted participants or are we basically socking away $2000 to tick at money market interest rates with accompanying dashed IPO hopes?

Inquiring minds want to know...

THANK YOU
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