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Ali IPO Hit NASDAQ In The Doldrums Of New Supply Exceeding Demand

2014/5/8 19:48:00 40

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Less than P, since the US technology stocks reached a high point in early March this year, how much have they lost their market value? The amount is basically the same as that of a company that is preparing to enter the US stock market: Alibaba group. 
P may be just a coincidence, but it also illustrates investors' concerns about some industries. While the stock repurchase is stable, IPO has ushered in the busiest year in the past ten years, including Alibaba group, candy shattered legend developer King and other companies are preparing or have made IPO, and the valuation of the stock market is 20% higher than that in 2007. In other words, this result leads to oversupply of stocks and insufficient supply of investors. 
 there is still a long way to go from the issue of stock issuance. Data from Ned Davis Research, an independent Financial Research Company, showed that the net issuance of us common stock decreased by US $837 billion 500 million from March 2010 to December 2013 through share repurchase. But for those who have lost most of the bull market and then return to the securities market, they worry that the acceleration of IPO will stimulate oversupply of stocks in some fast-growing industries. 
Michael Sauul, chief executive officer of Marketfield Asset Management LLC, which controls more than $20 billion of assets, said Michael, Shaoul, "although the supply of new issues is not a problem in terms of the market as a whole," P said. But I still believe that in the current technology market, the issue of new shares has been too concentrated. " 
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P TrimTabs Investment Research, a California based investment company, said in a report that the total amount of new shares issued in the United States was $87 billion in the first half of April. Meanwhile, the total amount of repurchase funds announced by enterprises in the first 4 months was about US $255 billion, down from US $355 billion in the same period last year. 
 the Dow Jones Industrial Average reached a record high last week and the standard & Poor's 500 index was only a step away from the historical high. The Nasdaq 100 index still has a gap of 3.7% from its 14 year high in March 5th. According to Bloomberg statistics, the stock market value of Nasdaq 100 index has lost about 150 billion US dollars by investors selling the shares of Facebook and Netflix of last year's big bull stocks. 
 Alibaba group, China's largest e-commerce company, is currently preparing for the largest IPO in the history of US securities. The market value of the company is likely to exceed 95% of the standard & Poor's 500 Index constituent stocks. Bloomberg News last month showed that the average value of Alibaba group was $168 billion. 
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 with the bull market in the US stock market entering the sixth year, the CEO of the company is taking advantage of this opportunity to raise more funds and then make acquisitions. Since the US stock market bottomed in 2009, the market value of Listed Companies in the US has risen sharply with the total buyback of US $1 trillion and 700 billion by listed companies and the support of the Fed's three round monetary stimulus. 
"P," Christina Hoope, New York Investment Companies's Allianz Global Investors investment strategist, said: "companies seem to have begun to embrace the capital market again. This may lead to risks, and this risk may deteriorate because of the rapid arrival. " 
 as of April 28th, the total amount of acquisitions and mergers and acquisitions in 2014 reached US $1 trillion, the highest level in the past 7 years. According to Bloomberg statistics, more than 180 companies announced initial public offerings from January to April this year, including 317 companies such as Nelson and FireEye. If this rate is maintained, this year will become the busiest year in the stock market since at least 2002. 
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 Joseph Quinlan, chief marketing strategist at U.S.Trust of Bank of America, said Joseph Quinlan is a symbol of confidence. He said, "there are many stories about good companies in the market. If such an enterprise can enter the IPO market and investors look at it, then the supply will be digested. 
 whether it is coincidence or not, every large-scale initial public offering in the past six years is always accompanied by the weakest period in the US stock market. In May 2012, when Facebook launched the largest IPO of a technology company, the S & P 500 fell by 6.3% in 8 months. When GM issued $18 billion shares in November 2010, the S & P 500 index fell 0.2%. When viza raised $20 billion in March 2008, the S & P 500 index fell 0.6% in the same month. 
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 Boston Investment Securities Corp Skip Ellsworth Funds fund manager, Skip (Skip Aylesworth), said: "the vast majority of fund managers are currently in full warehouse operation. Problems arise. When new shares are issued, they have to sell shares to release new capital contributions to fight new shares. He said, "Alibaba group's shares must be purchased. The future hype is mainly for retail investors to buy shares in the company. If Alibaba group's initial public offering is not performing well, it will affect investors' enthusiasm for IPO in the future. 
 in the Alibaba group and King and other companies through the initial public offering to raise funds, apple, Wells Fargo and other companies over the past five years have accumulated large amounts of cash reserves have increased the intensity of stock repurchase. 
 Standard & Poor's statistics show that in 2013, the total share repurchase of standard & Poor's 500 reached US $475 billion 600 million, an increase of 19% over the previous year, a record high of second. Excluding banks and utilities, cash in the fourth quarter of 2013 rose to a record high of $1 trillion and 300 billion. 
Less than P, after the standard & Poor's 500 index rose more than doubled in the past five years and exceeded its record highs, retail investors who withdrew $about 200000000000 in four years before 2012 are returning to the stock market. Data from Investment Company Institute, an investment company, showed that mutual funds bought about $18 billion of us common stocks in 2013. Bloomberg statistics show that the trading open Index Fund (ETF) has been increased by nearly $140 billion last year. 
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Columbo, chief investment officer of Huntington Asset Advisors, Ohio, Randy Bateman (Randy Bateman) said, "investors are returning to the securities market." P If we reduce the issue of new shares, share prices will naturally rise. 
 because investors are tired of the continuous listing of the Internet and Biotech Corp, and worry that risks will come at any time, with the conversion of investors' investment preferences, the standard & Poor's 500 index has been the best year since 1997. The Bloomberg IPO index shows that the index has fallen by 8% since its peak in March. Since the initial public offering of $500 million in March this year, the stock price of candy maker King has fallen by 22%. Biotech Corp Concert Pharmaceuticals, which went public in February, has fallen by 33%. 
Compared with this year's high point, NASDAQ's index of Internet and biotechnology companies has dropped by more than 19%. By contrast, public utility companies rose by 12%, the best performing category. 
Facebook, which has a P / E ratio of 42 times, bought a virtual reality company and an instant messaging service company in February for $21 billion in P. Facebook's P / E ratio of acquiring the two companies is 96% higher than that of the standard & Poor's 500 index. Since 2012, nearly 1000 companies, including Facebook, have made initial public offerings. However, compared with the highest historical price in March this year, the Facebook stock price has fallen by 16%, which also makes the company's share price drop to 11% this year. 
Howard Ward, chief investment officer of Gamco Investors Inc., an investment company, said (P Ward), "the supply of IPO must be based on market demand. Investors should act in a timely fashion.