At work, all the real news in the market has been either oil or the oncoming IPO of Google. Today, Google dominates the headlines as they have cut the price of the offering as well as the size. Market conditions aren't good for an IPO right now. In reality, the guys at Google don't realize that they are lucky to be going public and that they stock has a better chance to rise right off the bat!
The guys running the company are a bunch of geeks. They have no clue about the finances involved and the regulatory environment. They are making claims about this and that, doing interviews in Playboy (so I heard, not that I have seen it), and basically doing everything possible about screwing the whole thing up. In the public company world, there is a thing called a quiet period. Management cannot say anything about the companies earnings, potentials, nothing that affect the stock price. Geeks at Google need to learn this.
But now they have cut the shares issued to just 5.5million. That is small. Insitutions that like the stock will take up 60% and hold on. That will leave only 2 million to trade hands. Small floats make stocks go up quickly. Google is expected to open around 85 to 95. I am willing to bet that the stock easily closes above 100. With the thought that they stock would be priced over 108, I would have said it would close down below that figure. Now, Google will have a good first day and all the little people will flock on in.
Brewers lost a tough one. Crap! I played some bad poker last night. Crap! And I don't know if my steaks will be thawed out by the time I get home. Crap!