Hey Bid - Price dropped to $85 a share it looks like this AM - Also reduced gross shares offered. Hard sell maybe with this on the first page of their offering?
Risks Related to Our Business and Industry
We face significant competition from Microsoft and Yahoo.
We face formidable competition in every aspect of our business, and particularly from other companies that seek to connect people with information on the web and provide them with relevant advertising. Currently, we consider our primary competitors to be Microsoft and Yahoo. Microsoft has announced plans to develop a new web search technology that may make web search a more integrated part of the Windows operating system. We expect that Microsoft will increasingly use its financial and engineering resources to compete with us. Yahoo has become an increasingly significant competitor, having acquired Overture Services, which offers Internet advertising solutions that compete with our AdWords and AdSense programs, as well as the Inktomi, AltaVista and AllTheWeb search engines. https://www.ipo.google.com/data/prospectus.html
You are right - a great short in the making. Probally target at $40 to $50 in a few months. I am sure the folks at Google are not happy. A real dent in the gross offering to now. Almost half of what they expected. The delay did not look good to potential buyers as well. Also the registration system to be able to bid on the IPO was a mess. Many large brokerage companies would not even touch it. Something to watch...