June 23, 2004

It's Like The 90s Again

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.

I'm gonna go home and put on my Spin Doctors CD.

Posted by jk at June 23, 2004 08:51 AM
Comments

Trading at a P/E of 132! Party like it's 1999, kids!

Posted by: jk at June 23, 2004 02:39 PM

From 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 AM

Yes, 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!

Posted by: jk at June 24, 2004 11:20 AM
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