Word: yahoo
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More powerful than Microsoft! Able to leap Time Warner in a single bound! Why, it's Yahoo! In one breathtaking trading session, Yahoo went from being a glitzy dotcom to being one of the largest corporations in the world, surpassing hundreds in market value. And what had Yahoo done to earn the additional $40 billion in market cap? Zip-o. Amazingly, the updraft was a bizarre offshoot of the company's admission, after the close last Tuesday, to the elite Standard & Poor...
More than 20 million shares of Yahoo had to be purchased by the funds that run billions of dollars mimicking the S&P 500. This incredibly popular method of indexing creates instant value overnight in a way that a takeover or a restructuring or an earnings surprise can never produce...
...folks at McGraw-Hill, who keep the averages, are a secretive bunch. They didn't explain why Laidlaw, an obscure Canadian company, got the ax and Yahoo got in. But one thing is certain. If this index is going to maintain its integrity as a diversified assemblage of our industrial might, there are more Yahoos ahead. They might not all have the same pop as Yahoo, in part because much of Yahoo is closely held. But because of the newness of some of the candidates and how much is owned--and not traded--by venture capitalists, the pickings here could...
...billion) or Internet Capital Group ($28 billion) can be kept out for long. Or how about Broadcom, or just created Red Hat, Sycamore, Juniper and Akamai, all with valuations north of $15 billion in their rookie year of trading. You have to believe that these companies would follow a Yahoo-like trajectory because of their thin floats...
...remember, if you decide to play, that we rarely know when the announcements will be made--these are closely guarded knightings--and the move, while swift on the upside, can be just as death-defying the day after admission. Yahoo, which traded millions upon millions of shares at $348 at the moment of admission at 4:01, sank rapidly to $311 the next day before stabilizing and ending the week...