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Computer News
China’s Google rockets on debut
It was a remarkable debut. Chinese search engine Baidu.com’s shares sold in the United States for US$27 ($39) – then surged on day one to close at US$122.54 ($177.46).

Friday’s result was the biggest first-day gain for a new listing in the US for five years.

Investors had more than quadrupled their money.

An analyst in New York with IPOdesktop.com, a website devoted to initial public offerings, John Fitzgibbon, said: “This one is the return to the internet bubble. Last time we saw a deal skyrocket was during the frothy IPO markets of 1999 and 2000.”

Then came the post-mortem.

Some analysts said the internet search engine could have had an even better payday for itself if underwriters had sold the deal at a higher price to begin with.

“It looks to me like the underwriters should have had a better indication of the appetite for this stock than they did,” said Donald Straszheim, president of Straszheim Global Advisors.

Investors were eager to own a stake in a company that many say could grow as dramatically as Google and is based in a country itself undergoing explosive growth.

But other analysts are not so sure the underwriters made a mistake, given that the company’s shares were priced at a relatively high multiple of revenues.

“It wasn’t priced out of line with the rest of the market. In a situation like this, you’re dealing with the unpredictability of the after market,” said Tom Taulli, of Instream Partners in Newport Beach, California.

At issue is the underwriting process. Banks selling shares to the public – in this case Credit Suisse First Boston, Goldman Sachs, and Piper Jaffray – are paid to use quantitative models to determine a fair price for shares, but also to gauge investor demand.

Underwriting has both subjective and objective elements, making definitive evaluation of a bank’s performance difficult. In this case, demand for the IPO was evidently outsized, but so were the unknowns for the company.

“We don’t know the potential impact of censorship in China, or how quickly the internet will grow there,” said David Menlow, president of IPOfinancial.com. Had the IPO been priced higher and then fallen in the first day of trading, investors could have sued.

Baidu.com chairman and chief executive Robin Li, speaking on CNBC, said he was not upset by the potential lost proceeds of the IPO because the company had only sold a small portion of itself, and had significantly more growth ahead.

But University of Florida Professor Jay Ritter, an IPO expert, said Baidu.com left money on the table by introducing the shares at a level well below where they ended hours later.

Copyright © – 2005 Entireweb

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Rippers

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Hotmail News by http://www.infopage.cc – Oct. 17, 2005

Microsoft to Test New Hotmail Interface (AnandTech)
For those of you that use Hotmail, Microsoft is testing a new user interface for the popular web-based email client: Microsoft is preparing to publicly test its new front end Hotmail, code-named “Kahuna” and simply branded: Mail Beta. The upgrade will support an AJAX-based interface that has been rewritten from the ground up using…

AOL Offers $299 PC (Connected Home Media)
Everyone’s favorite dominant ISP introduced an intriguing offer this week: Agree to use AOL for a year, and you can purchase a low-end PC from the company for just $299. Although the deal seems like a bid to stem the flow of subscribers eager to get out from under the multicolored, dumbed-down AOL interface, the offer actually appears to be decent, assuming you’re not into playing the latest 3-D games. Of course, you can get a decent Dell system for not much more than the cost of the AOL PC plus the service (about $585 when you add it all up).

Preview of New MSN Hotmail (Slashdot)
An anonymous reader writes “Here is a Preview of a new MSN Hotmail system, using AJAX. Currently in Beta testing.” Most interesting is how the user interface more closely resembles a traditional local application. It’s definitely a big step in that direction.

Free Anonymous Proxies by http://www.jeepee.biz

Have a nice day,
jeepee

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