Anorexia

摘要

What could possibly account for Palm's market capitalisation swinging between $94 billion and $38 billion following its initial public offering (ipo) on March 2nd? Palm's two lead underwriters, Goldman Sachs and Morgan Stanley Dean Witter, had projected an initial price of $14-16 a share for the company. They offered it at $38, and then watched it hit $165 on its opening day before settling in the $60-70 range.