Word: nets
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Dates: during 1990-1999
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Most troubling, though, is a glut of new Internet shares saturating the market, creating a supply overhang that could last through the summer. This is an entirely new situation for Net investors. In the past few years they have had little choice but to bid against rabid techies for the same handful of precious stocks, driving prices through the roof. Wall Street reacted as expected: by underwriting stock deals for every dot com in sight. A flood of new shares hit the market this year, and now the scarcity premium on Net stocks is gone...
Others from the current crop of Net IPOs may represent new opportunities, but in niche--and thus limited--markets. Still others are so nascent that they are little more than a concept hoping to cash in quickly. Profits? They don't even have revenue. Drugstore.com an online prescription-drug company, has filed for an IPO even though it has only three months of formal results. The IPO may do well anyway. The company has a top-notch underwriter in Morgan Stanley Dean Witter. It is the first online company of its kind to attempt to sell shares to the public...
...care site headed by the former Surgeon General Dr. C. Everett Koop, doubled the first day, proving that a good story still sells. High-profile CNN anchor Lou Dobbs has announced that he will resign to start Space.com proving that entrepreneurs still believe there's time to build a Net company and cash...
...Everquest, the state of the art in multiplayer, online role-playing games. It's been clear for decades how enthralled gamers are by such adventures, in which they visit invented universes whose inhabitants create their own stories by exploring territory, making alliances, seeking treasure and so on. But the Net has advanced the form considerably since the halcyon days of Dungeons & Dragons, the original game played by dateless dweebs in rec rooms across America on Saturday nights. Today's fantasy worlds are designed by software gurus, are presented on the Web and swarm with tens of thousands of players...
Disney is planning to buy the 57% of portal partner InfoSeek that it does not already own, consolidate its various Net properties and issue a tracking stock to take advantage of today's relatively high valuations. On their own, Disney's Net holdings would be worth $6 billion to $7 billion, according to analysts. But when they're lumped in with Disney's traditional businesses (like theme parks), that value is diminished...