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To: esecurities(tm) who wrote (5)	10/26/1998 2:26:00 PM
From: esecurities(tm)	Read Replies (1) \| Respond to of 571

"The [IPO] window for 1998 is all but closed"... The Death of the Internet IPO "...You knew in your heart of hearts that it was coming: the market's rejection of speculative Internet IPOs that once made Wall Street seem like some fantastical gold rush. In the WSJ Interactive Edition this morning, Lisa Branstein had a good wrap-up of market conditions, and they don't favor wired companies bleeding capital on tiny revenues. Withdrawn IPOs from Theglobe.com, Healtheon, NetGrocer and Vignette caused analysts like Robert Keller of Hambricht & Quist to pronounce: "The window for 1998 is all but closed." Underlying the dearth of successful offerings is the cold hard fact that few of the companies that got out of the chute are doing well; the average IPO is performing 16 percent below its offering price this year. Road shows like Theglobe.com's met with little enthusiasm and tough questions. As one analyst told CBS MarketWatch's Darren Chervitz about the failed IPOs: "They cut their losses, the legal bills were starting to tick away." And the rest of the year looks no better, according to Dick Smith of Nationsbanc Montgomery Securities: "Candidly, it will be very hard to sell the professional investing world stories that don't have real earnings or predictable sorts of activities..." source: Wave of Cancellations Means Internet-IPO Season Is Over &copy 1998 frontdesk@thestandard.com Internet Industry Publishing interactive.wsj.com