(Continued)     August 28, 2004 edition
The full-length article threatened to delay the IPO when it appeared during the so-called "quiet period" that bars executives from touting their companies ahead of an initial offering.

The Securities and Exchange Commission allowed the Google IPO to proceed after the company acknowledged in an amended shareholder prospectus that the interview may have violated securities laws.

A Google spokesman declined to comment on the latest posting, saying the company was still in a quiet period. In yesterday's excerpt, founder Larry Page provides additional insight on how the unconventional company is managed, portraying the corporate culture as autonomous, freethinking and decentralized.

In unrelated news about Google, after closing higher each of its first three trading days, Google's stock lost ground Tuesday. After falling more than 5% early that day, Google recovered slightly to trade at $105.08, down $4.32 for the day, or nearly 4%.

Coming after the three-day gain of 29% off of Google's $85 offering price, the downward movement Tuesday served as an inevitable reminder of the investment risks inherent in any stock, particularly that of a recently public, richly valued company facing deep-pocketed competitors.

Certainly, a decline of Tuesday's size isn't a shock, especially given the magnitude of Google's rise out of the block. As American Technology Research analyst Mark Mahaney opined when he initiated coverage on Google Friday, shares in Google are likely to be extremely volatile -- a reason for investors to be "highly price-sensitive" when investing in the company.

"GOOG will be the 'Beta King' among Net stocks," wrote Mahaney, who assigned a hold rating and a fair value target of $110 on the stock.

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