Feeds

PayPal's first day pop

Party like it's 1999

  • alert
  • submit to reddit

Seven Steps to Software Security

I was dreamin' when I wrote this
So sue me if I go too fast
But life is just a party
And parties weren't meant to last

   --Prince "1999"

Email payment service PayPal went public Friday and enjoyed the sort of first-day pop we haven't seen since the neurotic-joy days of 1999, when investment bankers got rich cashing out their IPO allocations, and you got poor by taking the hypertrophied shares off their hands a week or two later.

Coming out of the blocks at $13, the shares blossomed 55 per cent Friday to close at $20.09, bequeathing the company a $1.2 billion market cap under the professional guidance of Salomon Smith Barney.

And this in spite of being sued for copyright infringement by security outfit CertCo, and getting a jolt from Louisiana regulators who have stopped PayPal doing business in their state without a proper bribe license. Not to mention losing $265 million over the past three years, and never once turning a profit, but that's par for the course.

Those lucky fatties with their IPO allocations will of course make their guaranteed quick-cash just like in the old days, because in a week or two they'll be unloading the pumped-up shares on the aftermarket where you get to buy them, just like in the old days.

And of course you know what happens next. ®

Mobile application security vulnerability report

More from The Register

next story
Yorkshire cops fail to grasp principle behind BT Fon Wi-Fi network
'Prevent people that are passing by to hook up to your network', pleads plod
HIDDEN packet sniffer spy tech in MILLIONS of iPhones, iPads – expert
Don't panic though – Apple's backdoor is not wide open to all, guru tells us
Mozilla fixes CRITICAL security holes in Firefox, urges v31 upgrade
Misc memory hazards 'could be exploited' - and guess what, one's a Javascript vuln
BMW's ConnectedDrive falls over, bosses blame upgrade snafu
Traffic flows up 20% as motorway middle lanes miraculously unclog
LibreSSL RNG bug fix: What's all the forking fuss about, ask devs
Blow to bit-spitter 'tis but a flesh wound, claim team
Attackers raid SWISS BANKS with DNS and malware bombs
'Retefe' trojan uses clever spin on old attacks to grant total control of bank accounts
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
Don't look, Snowden: Security biz chases Tails with zero-day flaws alert
Exodus vows not to sell secrets of whistleblower's favorite OS
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.