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Technology Stocks : TheStreet.com, Inc. (TSCM)

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To: cmac who wrote (51)	5/10/1999 1:34:00 PM
From: Gerald Walls	Read Replies (1) of 1822

briefing.com sez: 12:25 ET ****** THESTREET.COM (TSCM): Investors are expected to pile into the initial public offering of New York City-based TheStreet.com, as: 1) the online financial publication has high name recognition among traders; 2) TSCM is the only Internet deal of any significance scheduled to hit this week (which means company will not be forced to compete for headlines); 3) investors/traders still remember the 664% first-day move MarketWatch.com (MKTW) made when it came public in January. And based on the sharp increase in the proposed offer range this morning, from $11-$13 to $17-$19, institutional interest in this deal is also strong... The IPO comes only days after TheStreet received a $7.5 million from Rupert Murdoch's News Corp. Ltd. The arrangement between the companies calls for TSCM to produce a television program with Fox News... The Offering: A pricing at the high-end of the new range would give TheStreet a market-cap of almost $438 million and trailing Price/Sales ratio of 76.8, a premium of approximately 24% to the P/S sported by MarketWatch. By the time TSCM opens for trading, that premium is likely to be closer to 100% ... Financials: For the year ended 1998, TSCM reported revenue of $4.62 million, an increase of 685% over the year-ago level. Net loss widened from $5.8 million to $16.4 million. The company's burn rate accelerated in the first quarter of 1999, with losses totaling $7.2 million... While Briefing.com expects TSCM shares to move up sharply from their IPO price, investors should not count on a MarketWatch-type move. As we noted in the Daytrader column Friday, the post-market environment for initial public offerings has been very difficult of late. Traders are quickly taking profits off the table (or cutting losses) and moving on to the next deal. Fortunately, for TSCM, the company has little competition on the underwriting calendar this week.

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