OpenTable IPO lifts hopes on stock exchange

"Shares in the company were priced at $20 and opened on the Nasdaq stock exchange at $24.50. The stock ended the day at $31.89."

Why is the headline never "OpenTable Underpriced Shares by 60% in IPO"?

I mean, I know the answer, it's because the underwriter wants to get that instant profit margin, but it's sad that the financial press still writes its stories from the perspective of the bankers.

Tech Bubble 2.0!

The company is valued at $625 million its rev: is $55.8m last yr and they had a net loss of $1m.

Q1 they made $366,000 in profit. Let's assume they will make $2m in profits 2009. That puts their forward P/E at 312.5X!!