Obviously, it will mean a wider ownership of the stock and potentially lower volatility. We've seen that with other stocks that have been in the S&P 500.
There's been a string of bad luck and sloppy disclosure which does reduce the confidence of investors, especially those with shorter-term horizons.
It makes sense. It's an orderly way of increasing the flow and reducing the volatility in the stock.
It's alarming, ... because you don't know if they are spending more because of exciting new products that could come out in the near future or because of competitive pressure to keep up with everyone else.
When Microsoft came out with IE there was barely anything else available and IE was good enough for newcomers.
If Amazon produces the numbers, nobody will care. If the growth isn't there, then I think it will become more of an issue. Why isn't there the disclosure level that we would expect?
A lot of these companies are rushing back to the Internet. We're certainly not seeing anything like the valuations during the dot-com boom. They're not outrageous, but they tend to be at the high end and could not easily be justified on a stand-alone basis.
While some of the slowdown ... is likely due to seasonal effects, the significant drop-off is likely the sign of a more pronounced slowing in the real-estate market.
We also expect more spending on search advertising. On top of these broader economic sectors, we expect the Internet companies, in particular e-commerce players, will increase their spending noticeably. These trends together will bring more maturity to the online advertising sector in China.
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