The wire brings the news that Alien Technology Corp., the profit-challenged maker of radio-frequency ID tags and readers, has delayed its IPO. Market conditions, you know. Here's an independent stab at a better reason why. The company says it will try to complete the Bear Stearns-led deal when market conditions are better; IPOHome.com lists the deal as day to day.
Justin and I have been doing this funny bet -- I put up the price of one share saying the deal would not happen. Justin initially thought Alien would be a hot deal because portfolio managers want growth-company investment ideas so much they would overlook some warts; I thought recent history suggested, even before the Vonage IPO flamed out, that the buy side only really wants companies that are either profitable or very firmly on the road to profits.
So J, lunch? In my neighborhood, we have Le Bernadin. Out by the Silicon Valley bureau, oh yes, the Target across the parking lot has a lunch counter, doesn't it?...I love the Valley. I hear it's hot there this week too...And double or nothing on whether Alien gets this thing done by Labor Day? P.S. dear readers, J and I get along fine. We're just slummin' here.