Word: marketeers
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Dates: during 1990-1999
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...unlikely that many of the survivors will come from the current crop of Internet stocks making their debuts as IPOs. Now on the docket are many also-rans, third or fourth to market with second-tier managements. Take PCQuote.com which filed last Wednesday to raise $100 million. It competes in the already jammed area of financial data, which includes TheStreet.com Reuters and others. "How new is that? Let's go watch paint dry," sniffs David Menlow of the research firm IPO Financial Network...
Ironically, fund managers will continue to buy freshly minted Internet stocks, if only to flip them back into the market for one-day gains. The days when every Internet IPO would double or triple on the first trade have vanished. But most still go up a quick 20% to 30%, low-hanging fruit for any money manager who can get shares at the IPO price. Lately, though, even the easy money has been harder to come by. A handful of recent Internet IPOs quickly fell below their IPO price, and dozens trade below the price of the first trade, which...
...think it's a bad market for quality companies," says Jay Walker, founder of Priceline.com a money-losing e-commerce site whose value soared 10-fold, to $23 billion, a month after its March IPO and is now at $13 billion. "If eBay went out today, it would still soar. But the fantasy stocks are back where they belong. People are looking for real traction, real sales, real growth." And maybe a little panache...
Everquest raises the bar again. Three years in the making at Sony's 989 Studios in San Diego, it's the role-playing market's first 3-D online world, a lush environment reminiscent of immersive shoot-'em-ups like Quake and Doom. The Everquest team, says 989 president Kelly Flock, took a chance by deciding to leap-frog the 2-D Ultima and create a game so graphics-rich it would require a 3-D-accelerated PC in order to play...
...Puff Daddy's and Celine Dion's. Even better, she has the kind of I'm-no-snob demeanor that goes over spectacularly well in class-obsessed Britain, where artists who have (or can simulate) the common touch can count on being boosted by the down-market tabloids. That too is Church all over--her mother manages a public housing project in Cardiff--and it helps explain why the TV "chat shows" took up the young singer and gave her a start, thereby bringing her to the attention of Sony execs...