LinkedIn share price rockets after stock launch
Hey look, Google is a great company. I really like Google; a lot (second maybe only to Apple for me). But the idea that this really boring (IMO) hangout for job seekers and career networkers can be mentioned in the same breath as GOOG, and have its already bloated $4.2 b offering cranked up to $10b on the IPO's first day is laughable. This on rev's of $243 million and a whopping net income of $3.42 million last year.
I have an account @ LinkedIn and I sometimes wonder why. I never go there, although this post is going to robo post to my profile ;-).
"LinkedIn is the most valuable US internet IPO since Google became a publicly traded company in 2004..."
Here is some more crackhead commentary...
The fervor to get hold of the shares raised comparisons to the dot-com bubble that famously burst in January 2000, sending the tech-focused Nasdaq stock exchange plummeting. The index today remains 40 percent below its peak.
Investors hunger for stakes in hot social networking firms such as Facebook and Twitter, which have remained private while capturing fans and influencing lifestyles around the world.
"They want exposure to those types of companies, social networking companies, and LinkedIn was their first chance," said Morningstar analyst Bill Buhr. "It looks like everybody took it."
LinkedIn reaped the benefit of being a "proxy" for Facebook and Twitter in the eyes of investors, according to the analyst.
I think I would like to short this goofy thing one day, or at the least, use this as a clear indication that there remain many dopey 'greater fools' in this market.
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