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23 views | MySpace Cofounder Tom Anderson Was A Real Life “WarGames” Hacker in 1980s Source:TechCrunch 2008-08-30 07:30:05 |
What happened with NetSuite today? [Mysteries]
December 20th, 2007 at 8:53 pmSource:Valleywag
Google is cracking down on copyright-infringing videos uploaded to its site. Sort of. Click through to Billy Joel’s “We Didn’t Start the Fire ” on YouTube and you’ll see a yellow box which reads, “This video contains an audio track that has not been authorized by all copyright holders. The audio has been disabled.” This is bad news for Songza, the Web jukebox which rips the audio track from YouTube videos.
If there’s no audio track to rip, Songza will go silent. But after so many obnoxious parodies using BIlly Joel’s song in the past few weeks, we’re not so sure that, in this particular instance, Google’s ban isn’t actually good news for the rest of us.
Source:Valleywag
Larry Ellison’s likely too busy counting all the money he made today to ask this question, but we will: Why did NetSuite’s shares rocket upwards in the final hours of trading today? The company went public with a Dutch auction, a process meant to get the best and fairest price for the company shares. This morning, it seemed like it had gone off flawlessly: The stock opened at $26, the auction-set price, and traded near there all morning. Then it suddenly raced upwards to close at $35.50, making the whole company worth $2.1 billion, and Ellison’s stake $1.3 billion.
One theory: Avaricious day traders, hoping that the stock might drop from its IPO price, may have sold it short. As the price slowly rose, they would have found themselves losing money, a position known as a “short squeeze.” To get out, they’d have to buy shares of a thinly traded stock, in a rising market — a formula guaranteed to push shares sky-high. Note that NetSuite only sold 6.2 million shared on the market, but 15.9 million shares changed hands today. That’s a lot of buying and selling. Any other theories? Let me know.
