Lord_Majestic - 8:32 am on Aug 18, 2004 (gmt 0)

Google cut range on its initial public offering to between $85 and $95 a share. The previous price range was $108 to $135. Shareholders are reducing the number of shares they are selling by about 6.1 million to 5.5 million shares, The company still plans to sell about 14.1 million shares. Source: Bloomberg

The way I read it:

1) Range cut but not by that much (would have been a disaster if they had to cut it big time), clearly there was strong downwards pressure

2) shareholders cut number of shares they are selling considerably - they did not have enough demand for the price point quoted in 1), and company could not afford to cut price range even further

Overall - not looking good, just wait till first Q with drop in revenues (seasonal or what), and stock market will punish. Greed always ends in tears - should stock go down big time then lawsuits from 1000+ folk who were promised stock options that Google failed to register.