Oh man, it's like the good old days of IPOs are back! Twitter's cruising along up 75 percent, the hedge funds and institutional investors have made a buck, and it's not even 2pm!
Let's party like it's 1999! Certainly, that was the sentiment among headline writers anticipating Twitter's debut. "Back to 1999? Twitter's Financial Metrics Mirror Bubble-Era IPOs," said Fox Business. "Tech Valuations Stir Memories of 1999," the Wall Street Journal noticed. And that was before the price pop this morning.
But let's just be clear: This ain't 1999. Look at this table of first-day jumps from that year from Arvin Ghosh's book on the pricing and performance of IPOs. It was cray-zee.
Twitter's 75-percent pop doesn't even come close to making this top 25 list.
And it wasn't just the single day movements. Many companies saw their stock prices increase thousands of percentage points. Red Hat, for example, was up over 1,400 percent from June to December of 1999. Many of these companies had even more absurdly limited operating experience than Twitter.