ftd.com Fails to Deliver Rick Aristotle Munarriz (TMF Edible)
August 13, 1999
Shareholders hoping to own a piece of Florists' Transworld Delivery's popular online store, ftd.com, got rose stems nipped at the bud today. Lead underwriter Bear Stearns announced that the highly anticipated initial public offering (IPO) was being held back until market conditions improve.
It was not the most shocking of Dear John letters. Last week 1-800-Flowers.com (Nasdaq: FLWS) went public at $21 a share and tanked like yellow carnations for a wedding anniversary. Yesterday the stock closed at $14 5/16. While the shares are higher today -- on an Internet stock friendly trading day and on word that its most intimidating competitor is further away from equity financing -- the sentiment is clear: pushing daisies is pushing up daisies.
With lackluster online IPO's like Hotjobs.com (Nasdaq: HOTJ) and U.S. Interactive (Nasdaq: USIT) hitting the market this past week, other prospective offerings are also holding back their public debuts. Luminart Worldwide, watching fellow Internet consultant U.S. Interactive live up to its ominously clairvoyant ticker symbol, has decided to try again next month.
While ftd.com's Website offers up sentiments for trying times, does it have the flower power to bring back a bullish bouquet? Has the supply of e-stocks finally outstripped demand? The FTD icon, clipped wings and all, has an errand to run. Will he get there in time?