President Clinton is on the TV every night, and Reuters reports a dot-com IPO!
NEW YORK (Reuters) - Shares of software company Salesforce.com (NYSE:CRM - news) surged as much as 39 percent in their debut on the New York stock Exchange on Wednesday, rising to $15.30 from an initial public offering price of $11.
Trading at a P/E of 132! Party like it's 1999, kids!
Posted by: jk at June 23, 2004 02:39 PMFrom a market watch email I subscribe to: "In 2000, an IPO like this would have climbed 100% or more on its first day, even if it had neither revenue nor profit. As it happens, Salesforce has both revenue and profit, and its shares gained 56%."
Posted by: johngalt at June 24, 2004 11:09 AMYes, I am being flippant. This is a pretty good valuation of what appears to be a pretty good company (my firm is in a not-dissimilar biz). It is not a bubble or a goofy valuation.
But it IS an aggressive, growth-believing, speculative technology play, to which I say Halleluiah!