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Technology Stocks : USAI, 61% stake in Ticketmaster Online-CitySearch IPO
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To: Conano who wrote (121)11/30/1998 12:54:00 PM
From: SteveG  Read Replies (2) of 391
 
As most probably know now, IPO is schedule to price Thurs for trading Friday... also, Goldman lowered USAI rating this AM from buy to market performer, and removed it from their recommended list due to current valuation. Noteworthy is that Goldman was on the BID buying USAI shortly after the downgrade... hmmm. Goldman which owns some of the unregistered TMCS shares but are NOT part of the IPO.... sour politics? And both Montgomery and DLJ (IPO underwriters) have also been active on the bid on today's pullback.

eBay has a market cap of $8B. Could TMCS see a market cap of $5B (=$50/share)?

Goldman claims that THEIR USAI target price was 27, and that included TMCS at about $9/share. Interestingly, they only add $1.30 to that target price if TMCS sees $20, which is about $.12 for every TMCS dollar, versus the $.28 for every TMCS dollar that the S/O might suggest.

NBMO was looking for USAI of $32 pre-IPO, and is currently in quiet.

Interesting that BAMM was downgraded from a HOLD to a SELL by Salomon Smith Barney on the day it gapped up from 3 to 16, closing at 12 (last Wed). Friday saw the stock, POST-downgrade, jump IN THEIR FACE to $45 on Friday. It's sits at $37 today.
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