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October 10, 2006

Mixi Drops 28% Since IPO

posted by MR WAVETHEORY at 10/10/2006 12:45:00 AM
Mixi, Inc. (2121.T) had an astounding IPO just a few weeks ago. Mixi stock however is down 28% since. The stock went public at 1.55 million yen and ended their first trading day at 3.15 million yen. Now, the stock is back down to 2.13 million yen. What a ride.

Mixi is the social network/MySpace of Japan. Is this the start of the Web 2.0 Bubble or the beginning of the end?

Mixi, which went public on Sept. 15 at an astounding price of 2.95 million yen a share -- more than 200 times its forecast earnings per share for the fiscal year -- has fallen 28% since then. On Friday, Mixi dropped 11%, or 270,000 yen, to 2,130,000 yen. Also hurting Internet businesses is a sharp decline in online advertising, as one group of the biggest spenders, consumer lending companies, has curbed its spending. Consumer lenders, which charge high interest rates, have cut their advertising by about 30% since April, according to J.P. Morgan's Ms. Katsuma, due to jitters about a feared crackdown by authorities.
Time to sell?

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