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Contributors: Douglas McIntyre Jon C. Ogg

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Monday, September 25, 2006

Shutterly IPO Set to Price This Week

We should get the Shutterly (SFLY) IPO late this week as well of 5.8 million shares at a $13.00 to $15.00 range. J.P.Morgan will be the lead manager, and co-managers are listed as Piper Jaffray and Jefferies. We were a bit critical on this IPO as you can tell by our articles, and we stilll think their right to life was solely because Eastman Kodak (EK) was too inept to lock-up this market from the onslaught of the Internet and digital cameras. We also didn't like the fact that Goldman Sachs was not in the offering after they were the first underwriter listed underwriter back in June. We noted that their earnings are not true earnings and they have to do significant build-outs to grow into their buisness models. We do not feel we are wrong in this call per se, but we have to admit that the street right now is talking the deal up regardless of any facts we have shown.

We just covered this back on September 7 and earlier than that on June 29.

Jon C. Ogg
September 25, 2006

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