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Edition: U.S. Article Comments (0) Editor's Choice Murdoch fights for control after Brown allegations Bravado punctured, Greece has changed Euro zone acknowledges possible Greek default Obama and lawmakers regroup to seek debt deal Debt deal: How to kill three birds with one stone Exclusive: Apple chief patent lawyer to leave China bank lending quickens; fans rate risk Doubt creeps in to tech valuations at Sun Valley Follow Reuters Facebook Twitter RSS YouTube Read News Corp may be at risk for U.S. probe over bribery 4:31am EDT WRAPUP 9-Obama, lawmakers fall short on US debt deal 11 Jul 2011 Euro shaken by debt crisis; dollar benefits 11 Jul 2011 Exclusive: Apple chief patent lawyer to leave 6:41am EDT Wall Street shares down, led by Nasdaq 10:04am EDT Discussed 112 Obama, lawmakers meet for 75 minutes on debt impasse 80 WRAPUP 1-Taxes still a stumbling block in U.S. debt talks 64 Obama faces new obstacles in high-stakes debt talks Watched A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 War of words heat up U.S. debt fears 2:52am EDT Obama challenges Republicans on debt talks Mon, Jul 11 2011 Analysis: Doubt creeps in to tech valuations at Sun Valley Tweet Share this Email Print Related News Jobs halt Wall Street rally, investors eye earnings Fri, Jul 8 2011 Murdoch keeps low profile at Sun Valley, avoids press Thu, Jul 7 2011 Wall Street ends quiet day flat, Netflix boosts Nasdaq Tue, Jul 5 2011 Apple/RIM group top Google in $4.5 billion Nortel sale Fri, Jul 1 2011 Zynga files for IPO, surfs Facebook wave Fri, Jul 1 2011 Analysis & Opinion Tech wrap: New effort underway in Internet piracy fight Losing faith: Do you believe in the stock market? Related Topics Technology » Deals » 2011 Q2 » Global Deals Review - Parent folder » Inflows Outflows » Media » Joe Kennedy (2nd L), president and CEO, and Tim Westergren (2nd R), founder and Chief Strategy Officer of Pandora Internet radio, ring the opening bell at the New York Stock Exchange June 15, 2011. Credit: Reuters/Brendan McDermid By Sarah McBride and Yinka Adegoke SUN VALLEY, Idaho | Tue Jul 12, 2011 6:54am EDT SUN VALLEY, Idaho (Reuters) - When people worry about valuations, Eric Schmidt likes to remind them about Google Inc. The Internet search provider made its stock debut in 2004 at $85 a share, a price tag many at the time thought outlandish. Seven years on, that number has swelled to north of $500 and Google is the fourth-largest U.S. technology company as measured by market capitalization-- right behind Apple, IBM and Microsoft. "Everyone said it was an unbelievably high valuation," the company's former CEO and now executive chairman told reporters on the sidelines of the annual Allen & Co summit in Sun Valley, Idaho. "We underpriced!" he joked. Trouble is, not every company headed to market this year or next -- Groupon, Zynga, Facebook among them -- may become a Google. And recent high-profile debuts have spooked investors by dipping below their IPO prices. Chinese social network Renren debuted in May at $14 and is now trading around $10. Online music service Pandora, which debuted last month at $16, traded below its IPO price for several days before rebounding. Some have no qualms calling the current situation a bubble, among them WPP Plc CEO Martin Sorrell. "Internet valuations are crazy," he told Reuters in Sun Valley. IAC Chairman Barry Diller, known for a willingness to buck conventional wisdom, also described technology stocks as "wildly overpriced." While underlying businesses at many of the companies, including Facebook, were solid, Sorrell still had doubts about the high prices they command. Investors expect Facebook to have a valuation of around $100 billion by the time it holds an initial public offering early next year. Investor nervousness is mounting as U.S. economic growth begins to sputter. Early 2011 optimism -- nearly 80 percent more was raised on U.S. equity markets in the first half than in 2010's first six months -- has given way to warnings of a second-half slowdown in the pipeline. In the tech sector, such fears are particularly relevant given the dot-com crash of 2000, when the likes of theglobe.com, VA Linux and Marketwatch.com rose six- or seven-fold on their debuts, whipped into a frenzy by day traders. Many of those so-called bubble babies quickly burned through their proceeds and subsequently vanished, leaving investors holding the bill. The U.S. Securities and Exchange Commission is now on the lookout for "bubble-era" IPO practices -- such as pricing too low. A combination of first-day trading spikes and razor-thin yields on debt may foster an environment where Wall Street can take advantage of investor demand, SEC enforcement chief Robert Khuzami said last month. LinkedIn Corp's 109 percent first-day surge even invited some criticism that its investment bankers might not have priced it high enough. OVER-EXTRAPOLATING Others have expressed concern about private-company transactions on the secondary market -- created to allow employees of unlisted firms to trade their stock. But Google's Schmidt said analysts were extrapolating overall company valuations from sales of small slivers on secondary markets, which he called "mathematically incorrect." Recent trades on those unregulated secondary markets, for instance, have accorded Facebook -- undoubtedly one of the most keenly awaited tech sector IPOs -- a valuation of as much as $70 billion -- scores of times its estimated annual revenue. "If I have one concern, it is probably that secondary markets will end up needing some sort of oversight or regulation if something goes wrong with such lofty valuations," said Jim Robinson, a partner at RRE Ventures. Former Ning.com CEO Gina Bianchini said high prices were due to scarcity issues rather than irrational investor behavior. "The IPO market has ballooned because there has been such strong demand from very small floats for social media companies" such as recently listed LinkedIn, she said. Overall, many industry executives say the bubble is a figment of Nervous Nelly imaginations. "You're looking at companies with strong fundamentals not only blazing a trail and serving a market need but also generating cash flows," said Steven Boal, CEO of 13-year-old Coupons.com, which recently raised $200 million, valuing the business at more than $1 billion. "To me, that's the anti-bubble." (Reporting by Sarah McBride and Yinka Adegoke, editing by Edwin Chan and Matthew Lewis) Technology Deals 2011 Q2 Global Deals Review - Parent folder Inflows Outflows Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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