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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: Linda L who wrote (45982)	6/23/1999 11:44:00 AM
From: Lane Hall-Witt	Read Replies (2) \| Respond to of 120523

Just watching CNBC . . . what they're doing to Salon.com is just a travesty. It's so obvious that the Street and their media lackeys (New York Post, CNBC) are trying to break the IPO so they can say Dutch auctions don't work. The major underwriters and their big clients have huge dollars at stake in the traditional system for launching IPOs, and the last thing they want is for Hambrecht to succeed with the new Dutch auction system. Yesterday, before Salon.com even started trading, CNBC was already saying that analysts were down on the stock, that demand looked weak, and that it was going to break. What other IPOs would they say that about before they traded? I'm not a real fan of Salon.com myself, and I don't have a position; but it's obvious that the Street desperately wants the Dutch auction system to fail so they can return to business as usual.