CHICAGO ( TheStreet) -- Despite rising chatter that Groupon could price its IPO above its expected range, one expert says sell the daily deals site's shares at the open.
"It's an extremely risky IPO that I feel should be flipped on day one -- sell it at the opening," explained Scott Sweet, senior managing partner at IPO Boutique.
Flipping involves buying shares at the offering price and selling them on market open. "This is a tactic some underwriter players choose on certain IPOs to lock in profit," explained Sweet.The analyst also voiced his broader concerns about Groupon. "There are 570 Internet-based coupon companies and 1,000 non-Internet ones
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