Word: salon
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Rocket ships, shooting stars and race horses have been brought into service this past spring as metaphors for IPOs from web sites such as TheStreet.com and iVillage that tripled or quadrupled on their first day of trading. But when the highbrow site Salon when public yesterday the image was a flat flounder. Key was Salon's pioneering participation in a Net experiment that uses a Dutch auction to set the IPO price before trading. The Dutch format helped kill any big first-day run-up but it also cut out the Wall Street middlemen. Early shareholders may have missed...
...Usually when companies go public they use an investment bank like Morgan Stanley or Goldman Sachs to help market the stock to big investors. The banks charge a hefty sales commission -- called an underwriter's fee -- for the service, customarily around 7 percent of the total offering price. Instead Salon paid just 5 percent to San Francisco's W. R. Hambrecht. But here's the more important part. The mechanics are complicated, but common sense says that iVillage's offering price was set too cheap if it immediately quadrupled. Even though iVillage's first-day run-up was spectacular, most...
...Starbucks Cafe, an outpost of the wildly popular Seattle, Wash.-based coffee chain, holds court on the first floor, with young professionals and students alike chatting and typing away on their laptops while sipping double mocha lattes. The second floor hosts an upscale hair-styling salon with massive mirrors, chatty hair stylists and cinnamon-y breakfast delights for customers in line for the blow dryers...
...upscale hair salon, appropriately titled "The Carriage House Salon," hangs a picture that shows a very different scene from the turn of this century. The white letters are starkly clear now, reading "James White Carriage Factory" along with a myriad of other signs reading "Tannery" and "Carriage Repairs." Hinges that could only be viewed from outside on the roof, rusted by age, are suddenly pristine, revealing the doors that opened to store carriages for repair. This is no ordinary hair salon or Starbucks...
...convert it into a carriage factory to address Cambridge's then most-popular means of transportation. Sandy and Janet Cahaly, the current owners, do not know the exact date of the change-in-hands of the property or the date of the photograph that hangs in the hair salon. But county records show that the property was sold to Abraham Lavash of Somerville in 1922 by the treasurer of the Cambridge Securities Commission, George...