Bid.Com most active conference
Bid.Com International Inc BII
Shares issued 38,963,434 Apr 16 close $27.70
Mon 19 Apr 99
Week ended April 16th
by Stockwatch business reporter
Bid.Com was reviewed in Forum Watch last week. There have been no
announcements from the company in the interim and media coverage of the
high flying stock's daily gambols has fallen off. On April 12, the Globe
and Mail reported that Bid.Com had taken a breather from the heavy trading
the previous week. In the same article, ABC Group of Mutual Funds portfolio
manager Irwin Michael was reported as saying that there is a feeling that
the Internet euphoria has gone a little too far and the market is due for a
correction. Bid.Com's respite was a short one and the Internet euphoria
continues to battle against a market correction. More than 17 million
shares of the on-line auctioneer changed hands during the week.
Discussion in the Bid.Com conference over the past week has been nearly as
frenetic as the trading, with a large number of threads being started and
abandoned. Discussion early in the week turned to speculation regarding the
effect of a Nasdaq listing on the share price. Rebel reported a rumour that
Bid.Com would being trading on Nasdaq on April 19 but Elie Hindy raised
concerns that the company might have encountered some problems with the
listing. Those concerns were largely ignored by posters such as CANDUDE,
who suggested the price was "probably going to rise up to $40 to $50 within
the next couple of weeks." SREET topped that with a target price of $150 in
the first week of trading on Nasdaq. CANDUDE considered that excessive: "In
a week? $150? Nah...that's just a fairy tale..." By his account, a more
reasonable scenario could push the price to $70 this week. Some confusion
followed regarding a Nasdaq symbol for Bid.Com, with STREET claiming it
would be BIID and Polarcap questioning the reliability of that information,
suggesting instead that the symbol would be BIDS and trading would start
"Monday, April 16th, at the earliest." Whatever the reliability of his
information regarding the symbol, his calendar could clearly use some
calibration.
On a dissonant note, Kelly Peterson wrote: "I heard that there is
infighting amongst the management...as they might be doing a financing at
$12..." That prompted Gibby to respond: "Kelly think about what you just
wrote...Just the facts. Please..." Facts were something that were hard to
come by. It was suggested by J that two of the major promoters had left
Bid.Com and the price was about to tumble. On April 14, DENNIS wrote:
"Tomorrow we will see some big news. I'm not sure what the news will be but
my informants tell me it's big. BUY BUY BUY..." That did not seem to
impress Intheno: "I like your enthusiasm, however unspecified information
from an unnamed informant does not inspire me to BUY, BUY, BUY..." In a
subsequent post he noted that DENNIS had elsewhere posted a $70 target but
had not responded to a request for further information, adding: "...do you
actually expect what you state to be taken seriously?" The Smart Broker
shared that scepticism: "Now either tell us what is rumoured, or stop
making stupid news just to read your own literature (or possibly push your
holdings in BII higher)." Toward the end of the week, with no official news
regarding a Nasdaq listing, Stuart P suggested that Bid.Com shares should
be worth less than $1 and that there might be a delay of up to 60 days, if
the company even managed to obtain a Nasdaq listing: "Let's see you
promoters hold the market at these prices for that long." Bid.Com managed
to hold on to end the week at $27.70.
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