IPO News -This just in from Bloomberg -
roulette:
I have a feeling this stock should see between $65-$75 dollars by early next week.So far everything I read in the media has been extremely positive.We could have closed at 60 or above if the market cooperated,besides word should get around over the weekend about this hot IPO.
Here is one the press releases that came out last night.
exchange2000.com
Excerpts
"..''This is one of the hottest deals this year,'' Ben Holmes, an analyst at ipoPros, a consultancy in Boulder, Co., said........
Modem Media reported nine month revenues of $30.397 million in 1998 but a loss of $2.088 million.
Holmes considers Modem Media.Poppy Tyson to be the ''cream of the crop'' in online advertising, due to an exclusive, top notch client list.
''The client list speaks for itself with names like 3Com, AT&T, Citicom and Compaq. That is their niche,'' Holmes said.
He believes that the company would easily outperform competitor 24/7 Media Inc. (Nasdaq:TFSM - news), which focuses more on smaller clients, and even DoubleClick Inc. (Nasdaq:DCLK - news), whose customers are a combination of smaller and larger cap companies, according to Holmes.
''They (Modem Media) are very visible and one of the most watched deals,'' Holmes said. ''Poppy Tyson is an ad agency most people are already familiar with. They are already known,'' he added.
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Fri, 05 Feb 1999, 3:30pm EST
Modem Media.Poppe Tyson Soars in First Day of Trading (Update1)
Modem Media.Poppe Tyson Soars in First Day of Trading (Update1)
(Updates share activity in 2nd paragraph. Adds analyst's
comments in 4th through 6th paragraphs.)
Westport, Connecticut, Feb. 5 (Bloomberg) -- Modem
Media.Poppe Tyson Inc., an online advertising agency for AT&T
Corp. and Delta Air Lines Inc., rose more than threefold in its
first day of trading, buoyed by demand for Internet stocks.
Modem Media.Poppe rose 32 to 48 in midafternoon trading as
3.89 million shares changed hands on the Nasdaq Stock Market. The
shares opened at 55 1/8 after being priced yesterday at 16.
Modem Media was formed in 1996, and last year bought assets
from Poppe Tyson Inc., also an online advertising company. The
combined company creates advertising campaigns over the Internet.
Westport, Connecticut-based Modem Media is a unit of True North
Communications Inc., which owns 53 percent of the shares.
''True North will funnel some Internet advertising work to
Modem Media. They'll do well,'' said Steven Tuen, research
director at IPO Value Monitor. ''Internet advertising is a
growing business.''
Tuen said as more companies go online, they'll need help
from both traditional advertising agencies or a company like
Modem Media.
''As the Internet becomes more popular, it's drawing more
companies to advertise on the net,'' he said.
Revenue from online advertising might grow to $5 billion a
year by 2000 from $1.1 billion in 1997, according to estimates
from market-research firm Jupiter Communications Inc.
Modem Media trades under the symbol ''MMPT.'' Nationsbanc
Montgomery Securities LLC and Bear Stearns & Co. assisted
Robertson Stephens in the transaction.
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