Internet IPOs: What Goes Up...

Cyberstocks soared when the supply was thin. This year some $20 billion in Net shares will reach the market. Guess where prices are going

Internet stocks have defied convention and gravity for the better part of two years. Never mind that to these outfits, profit is mostly a concept. They had cool products, hip clients, catchy names, irreverent ads, promise--lots of promise--and more. They had panache. They were cocktail chatter, and their stocks (and stockholders) were giddy. The money-losing online bookseller long ago blew past venerable Sears in terms of market value. At the time, investors gasped and marveled. They kept buying, but at least they noticed. By April, though, Amazon's worth was fast approaching that of Sears and Wal-Mart combined, and nobody was...

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