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Non-Tech : Monetizing Shareholder Ignorance
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To: KeepItSimple who wrote ()5/2/2000 1:39:00 PM
From: John Graybill  Read Replies (1) of 26
 
AT&T Wireless IPO Leaves A Message About Skewed Valuations

If you want an example of how Wall Street places a higher value on sizzle than on steak, consider AT&T and the "tracking stock" tied to AT&T's wireless business. When news broke in November that AT&T would issue a tracking stock that would give holders an economic stake of sorts in its wireless business, Wall Street ran up AT&T's stock from the mid-$40s to $60 in a week, adding $40 billion to AT&T's stock-market value. A huge move, considering that nothing had changed except the pieces of paper that AT&T would give its owners.

washingtonpost.com
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