Word: price
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...Hong Kong last week, Metallurgical Corporation of China, a steel mill builder that helped construct Beijing's famed Bird's Nest Olympics stadium, stunned the stock market when it ended its first trading day 12% below its initial public offering price. The following day, an IPO by China Lilang, owner of the country's largest brand of men's clothing, also flopped, ending the day down nearly 1%. To think that less than three months ago, even lightweights like herbal shampoo manufacturer Bawang and furniture maker Hing Lee debuted with double-digit first-day gains...
...will be more effective than the banking sector in meeting the funding needs of SMEs. Prospective GEM companies certainly hope so. The 10 enterprises initially aimed to raise around $490 million, but doubled the target after IPOs like Bawang were accorded high valuations. Based on their aggressive IPO pricing, the average price-earnings ratio of the 10 stocks is estimated at 55 times 2008 profits, higher than the average p/e ratio of 40 times asked by the 10 companies that most recently listed on the SME Board. (See pictures of Shanghai today...
Sometimes spanking seems like the only way to get through to an unruly toddler. But the price for fixing his poor short-term conduct might be an even more troublesome outcome in the future...
...rally came after certain housing data, such as housing starts, home sales and the Case-Shiller home price index, started to show signs of month-over-month improvement for the first time since 2006 and homebuilders reported fewer cancellations and write-downs. Also, the federal tax credit for first-time buyers contributed to the improved demand for builders that make entry-level homes...
...chose Berkeley over all the other universities because it offered me a very good education at a price my family could afford,” one freshman political science major, who skipped classes for the day in protest, told The New York Times...