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102
Google Shares Break the $300 mark
and
the
the Securities and Exchange
Commission ruled
unanimously to let company executives talk about their
operations in addition to distributing prospectuses before
IPO sale.
27th Week of 2005 / SAN FRANCISCO -- This
week, not only was the Google name cleared by the SEC for
its pre-IPO aticle in Playboy, but its value rose to over
$84.5 billion -- more
than such venerable companies as Time Warner Inc., Amgen
Inc. and Hewlett-Packard Co, say those in the know.
•
•
Google Inc.'s shares rose $6.85 to $304.10 on Monday, the
first time the 7-year-old Internet search leader's stock
closed above
$300.
•
•
As for the Securities and Exchange
Commission, the members agreed to OK Stock Promo Hypes
before IPOs, the old
rule, intended to protect investors from hyped advertising
of securities, dated from 1933.
•
•
After the market crash of 29, the 30s rule was effected to
protect investors from getting into trouble because of the
hyped information that was allowed to be promoted along with
the standard conditions of the offering.
•
•
Google Inc. found out just how serious the SEC was about
enforcing the regulation when its initial public offering in
August was almost derailed after Playboy magazine published
an interview with the company's
founders.
•
•
Any how,
Google shares have
risen 258%, from an IPO price of $85, as investors vie to
own one of the world's fastest-growing firms and
the
the Securities and Exchange
Commission agreed on Wednesday to allow companies, sch as
Google, to promote their stocks and bonds ahead of public
sales, seeking to make more information available to
prospective investors.
•
•
The SEC's five commissioners voted unanimously to let
company executives talk about their operations in addition
to distributing prospectuses before the sale. The old rule,
intended to protect investors from hyped advertising of
securities, dated from 1933.
•
•
There has been little major news to propel Google's stock
since late April, when the company said first-quarter profit
soared 500% from a year earlier. Yet the shares have risen
nearly 40% since then, hovering just below $300 for three
weeks before finally topping that
milestone.
•
•
Perhaps investors were excited by updates to the Google
Video service, which on Monday began letting users seek and
watch short video
clips.
•
•
The company created the world's most popular search engine
and took its name from the number googol, which is 1
followed by 100
zeros.
•
•
It makes nearly all of its money from online advertising. To
some, that makes Google a media company -- if so, it's the
most valuable, worth more than News Corp. or Walt Disney
Co.
•
•
"News like Google new Video service, is good for the
company, because it's the truth. Therefore, it's good for
the investment bankers, it's good for the public as it seems
there won't be an information vacuum," said Clay Corbus,
co-chief executive at San Francisco-based investment bank WR
Hambrecht & Co., which advised Google on its auction
based-IPO.
•
•
SEC Chairman William H. Donaldson said at Wednesday's
meeting in Washington. "Investors are entitled to
information at the point they commit to purchase a
security."
•
•
The reforms brought the capital markets into line with
modern technologies, including the Internet, Donaldson said.
•
•
"This may be an acknowledgment by the SEC of the way real
world communications now work," said Frederick C. Lane,
chief executive of Boston-based advisory and underwriting
firm Lane, Berry & Co. International. "Trying to monitor
all the communications out there is next to impossible."
•
•
Any public statement permitted under the new rule must be
accurate and not misleading, matching the legal standard
that applies to a company's prospectus. Executives may speak
to the media, as in Google's Playboy interview, provided
they file a copy of the remarks with the SEC.
///
_________
ByLines:
Editors Note
LA Times Quote; "Google started as a
noun. Then it became a verb. Pretty soon, googol may be the
company's stock market
value.
More Articles
• Converging
News 272005 / TeleCom Buy Outs and Asset Seizure
Boom
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TVI Magazine
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report.
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