PCLN started trading 3/31...coverage initiated on 4/26...I thought it used to be 30 days, but seems now it is more like 26...this Friday will only make 14, we've still got a few weeks to go....Of course, maybe we'll get lucky and they'll inadvertently issue the BUY rec early, like they did on PCLN (released on 4/23, before "pulling it").....
...
Research pulled
Goldman Sachs inadvertently released a report starting coverage on
Priceline with a $120 price target and placing the stock on the firm's
"recommended list." Goldman was not part of the company's $160
million IPO in late March.
Goldman later withdrew the note to keep within regulatory procedures for
initial public offerings, but not before the stock(PCLN: news, msgs)
jumped 11 5/8, or 15 percent, to 88.
A Goldman Sachs spokesman said "the Goldman Sachs research report
recommending Priceline.com for purchase was inadvertently released to
the market one business day early. Goldman Sachs intends to initiate
coverage formally on Monday, April 26."
Priceline.com provides a "name your price" marketplace on the Web,
mostly for travel and financial services. Consumers can place a bid for
items such as airline tickets, and Priceline.com aims to find a willing seller.
Priceline does not take in that revenue. Instead, the company makes the
spread between what a customer pays and the cost of the item. The
company doesn't break out the spread it makes, but it's generally around
$10 for an airline ticket. By determining the spread, Priceline has more
control over margins.
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