The Signal and The Noise
Internet Initiative Japan Takes Wild Ride
At the Monday pricing, the shares being offered in the Japanese IPO stand at 38 times fiscal 2005 earnings and 32 times projected fiscal 2006 earnings. That level is high, but not outrageous, for a profitable U.S. technology company.
Whatever the reason for the rise, it's sent the Internet message boards into a frenzy. Wednesday's boards were full of clashing and seemingly baseless rumors: The SEC is investigating! IIJ insiders are selling! A key underwriter is backing out of the deal! There was even a bizarre side-debate on whether George W. Bush is a better president than Bill Clinton was. But maybe taking a position in IIJ, or any speculative stock, is not unlike a polarized political debate: Pick a side, and you'll find plenty of evidence to support it. Then let history decide who's right.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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