Thursday, June 16, 2011

Pop goes the bubble

Well, that was quick. Yesterday, Pandora (the Internet radio company) went public at $16 and the first trades were over $24. Happy days are here again, right?

Well, the stock was sold fast and furiously by flippers that didn't see a LinkedIn type pop and the stock fell to $17 and change by the end of the first day. Well, tonight I'd bet there are some bankers sweating pretty heavily as the stock broke through the ipo price of $16 and closed under $14 (currently trading $12 something in the aftermarket). When coupled with Linkedin's tumble from $120 to $70 over the past 3 weeks I'd think people might be questioning the whole Internet bubble part deux.

So yesterday I said it was safe to ignore the Empire manufacturing tumble, but today's Philly Fed data was pretty ugly and it's a much better gauge of the actual economy. This was the first time the reading turned negative since last September when QE2 was leaked and the stock market was saved like a Timmy Thomas stick save.

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Kudos to Selfishgiving.com blog for highlighting the insanity of this current promotion from KFC.

"I just can’t understand what Kentucky Fried Chicken is thinking with its latest cause marketing program. This picture says it all. Buy a HALF-GALLON of soda – with 800 calories from 56 spoonfuls of sugar – for $2.99 and a buck goes to Juvenile Diabetes Research Foundation."

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Wish me luck as the Clayton Cycling Club heads out on our first tour of the year - Kingston to Ottawa - at least I won't have to pay $1.29/liter for gas :)

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