Google Dives to 85
If you think the Chinese have a lock on this synchronized diving, check out Larry and Sergey as Google's opener dove from their predicted $135 to $85. Hey, I'm unclear about something. Does the "don't be evil," clause apply to unrealistically hyping your own IPO?
If I missed my own number by some 37%, people would have only one word to describe me: fired.
(Disclosure: Google is totally giving TurnerPhelps a free ride on Blogspot, so I'll probably stop picking on them despite all the self-righteous "I'm less evil than you are," nonsense.)
posted by Turner on Thursday, August 19, 2004
1 Comments:
No fair to criticize the Google Moguls. Afterall, they were basing their initial stock price projections on database-generated index results. They fed some late 90s historical numbers into their stock option engine (a bastardized version of their search engine) of previous dot com IPO's, adjusted the numbers to present-values, and totally ignored the reality of the OIPVDCC (the Over-Inflated Perceived value of Dot Com Companies). Voila, a price for stock that was way too high. Of course, the media hyped the IPO so much that by the end of the day Google was trading at $100.34, just about hitting the mean difference between $85 and $135. (Damn that engine works great.)
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