Word: prospectus
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...Cisco nearly every session. The IPO market, as hot as I have ever seen it, is pumped full of next Ciscos, as company after company goes public with a Cisco flavor. Some of these new issues seem to jump solely because they list Cisco as a competitor in the prospectus! Brocade, which makes fiber-channel switches--something that has the look and feel of Cisco--jumped from 19 to 116 in five weeks after coming public on the back of this buzz. Redback, a high-speed broadband IPO with enough Cisco overlap to be cast as Junior, went from...
Much of his work consists of helping to create "pitch books," which are presentations to sell the firm's investment plan to a client. These pitch books, sometimes called prospectuses, play the role of both a marketing document as well as a legal document, according to Tom J. Hsieh '97, an analyst at the firm Donaldson Lufkin Jenrette. The prospectus is used to sell the company to possible investors, but it also protects the investor from scams...
...value of about $19 billion, overwhelm Stern. Still, if my estimate is close, Stern has a hand in 5% of Infinity's $1.9 billion in annual revenue. That may not be "material" legally, but it's information an investor ought to be able to get. By the way, the prospectus neglects to warn of a possible hit on Infinity's outdoor-advertising business stemming from a tobacco settlement limiting billboard cigarette ads. CBS takes the rosy view that new clients will sign up at higher rates than tobacco companies, which had long-term leases. So it's a good thing...
Legal guidelines for what must be in a prospectus are vague in these areas. That said, most are still jammed with pertinent information. And where disclosure is lacking, there's typically a tipoff that you should check further--on the Internet, in the annual report or with a broker or analyst. In Infinity's case, the prospectus briefly alludes to the risk of losing "on-air personalities" with "significant loyal audiences...
First, what is Stern's value as a corporate asset? Not much, according to CBS, which bought Infinity in 1996 and sold 17% of it in a public offering earlier this month. Nowhere is Stern mentioned in a 183-page prospectus that is supposed to be the best source for valuing a newly traded stock. The bottom line is that Stern's continued success "is not a material issue" to the health of Infinity, says CBS spokesman Gil Schwartz. O.K. We all know that Stern's image is larger than his impact. Yet he's easily the company's most...