Nasdaq – Party Like it’s 1999
Chinese search engine company Baidu made it’s debut today on the Nasdaq.
The IPO price was originally set at $19 but just before release it was re-pegged at $27. Ticker BIDU has been live for about 3 hours as I write and is currently trading for $78!
I’m having a weird feeling that I slipped back in time and we’re in 1999 again. It just shows that we really don’t ever learn from our mistakes. Could this [tiny] company possibly be worth $2.7 Billion? No.
But, they happen to sit on the busiest hype intersection on Wall Street: China and Search Engines. Thanks to Wal*Mart and Google this company is seen as a can’t-miss venture.
This is starting to sound a bit too familiar.