• Thought of the Day

    Thought of the Day

    2000: I always tell people that if you put your head in the sand, your ass makes a bigger target.

    –Ralph Lambiase, director of the securities division, Connecticut State Dept. of Banking, in Financial Planning, June 1997, p. 51.

Today in Financial History

1998: Internet stocks get an electrifying boost as the Walt Disney Co. agrees to buy 43% of Infoseek Co. for roughly $550 million in cash, stock and warrants. Infoseek stock shoots up to $42, then closes at $35.125. "The one thing that has become clear to most of the large players," says analyst Shaun Andrikopolous of BT Alex Brown, "is that the prime Internet real estate is getting more expensive, not less expensive, and if you want to buy your way in, now is the time to do it." Well, maybe "now" wasn't the right time after all. By March, 2001, Disney has exchanged the old Infoseek assets for its own shares at an approximate value of only $5 per share.

The Wall Street Journal, June 19, 1998, pp. A3, C1;BusinessWeek, June 4, 2001, p. 92

1983: Amgen Inc. goes public on NASDAQ, selling 2.35 million shares at an initial price of $18.