What are we doing wasting our time with all these BS stocks when we have these:-))LOL
NEW YORK, July 17 (Reuters) - Broadcast.com Inc.
rocketed 56 points after its $18 IPO to a high of 74, showing
the kind of spectacular debut that has become almost a legend
in the recent weak market for new issues.
The company, formally known as AudioNeet, is a "push"
technology company that delivers content on the Internet.
Internet and other technology-related deals have weathered
the downturn the IPO market has taken in the past few months,
but not since chipmaker Broadcom Corp. went public in
April and surged to 61 from an $18 IPO has a deal displayed
such frantic demand.
After Broadcast.com opened, the stock fell back to 61.
The demand for Broadcast.com was a reflection of the craze
for Internet stock, but the early rally that sent its price up
could have been a result of short-selling, analysts said.
"This is ridiculous, the stock should be trading in the
high thirties, low forties," said Vincent Slavin, an IPO
analyst with Cantor Fitzgerald.
"Who paid $74," he said. "It's the retail investors, and
they haven't been treated very nicely. I don't think an
institutional investor in America would have paid that much for
this stock."
Broadcast.com sold 2.5 million shares in the IPO, and was
priced above its $14-$16 estimated range. That range had
already been raised from an original $11-$13 because of strong
demand.
Morgan Stanley was the lead underwriter on the deal.
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