Well, that is until we learned that a roller shoe company called Heely's (NASDAQ:HLYS) is going public at $21 per share today, putting the firm's value at more than half a billion dollars. Shoes with wheels on them? Wall Street can't be serious.
I am not saying the company isn't selling a lot of shoes right now, and retail investors are going to bid the stock up a lot just like they did with Crocs as soon as it starts trading. That said, I can't believe this company is going public. It must say something about the overly bullish stock market environment we find ourselves in right now.
CROX: 1-yr chart
While I won't be buying any Heely's shares, I hope they go through the roof. Maybe the company's market value even hits a billion dollars or two when it's all said and done. What an excellent short candidate that would make it.